Rio Tinto reports record first half for iron ore production

Global miner Rio Tinto has posted a record first half for iron ore production and sales, but shares have come under pressure in early trading after the firm reported output had exceeded sales.

Rio, the world's second largest iron ore producer after Brazil's Vale, produced 94.3 million tonnes of iron ore in the six months to June, a 4% rise year-on-year. However, despite the increase sales fell slightly short of output, heightening concerns about cooling Chinese demand. The group's chief executive Tom Albanese said demand has dropped as global economic conditions and sentiment declined sharply in the second quarter. Rio Tinto's share price fell on demand concerns, declining 1.9% to £29.36, at 10.30am. "We are keeping a close eye on the pace of the US recovery, the cont...