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Rio Tinto Q1 iron ore output rises amid glut

Reuters - UK Focus

SYDNEY, April 21 (Reuters) - Rio Tinto (Xetra: 855018 - news) on Tuesday posted a sharp rise in quarterly iron ore output amid a push to capture more of the global market despite a mounting supply glut driving ore prices to record lows.

The world's no. 2 producer after Vale increased production 12 percent in the first quarter from a year earlier, to 74.7 million tonnes, according to the company's latest operations report.

Iron ore accounts for about 90 percent of Rio Tinto's overall earnings.

The price of iron ore has crashed from highs of $130 a tonne at the start of last year to around $50 a tonne this week. (Reporting by James Regan; Editing by Richard Pullin)