SYDNEY, Oct 16 (Reuters) - Rio Tinto , the world’s no. 2 iron ore producer, maintained its 2012 production guidance at 250 million tonnes, saying its operations were performing strongly in a volatile market.
“Markets remain volatile, but our business is resilient and our operations are performing strongly,” Tom Albanese, chief executive of Rio, said in the company’s quarterly activities report.
Rio’s attributable September-quarter iron ore output was up 5.6 percent to 52.6 million tonnes against the same quarter a year ago, according to the company.
World iron ore prices dropped below $87 a tonne last month as demand for imported ore in China waned, raising concerns among producers of a looming supply glut. Prices have since recovered to around $113 a tonne .