Market forces breaking news: Miners report record production figures
• Rio Tinto's iron ore mines work overtime to meet demand • Fresnillo says silver production hits record
Increased production of iron ore, copper and silver could indicate that the world economy is in better shape.
Two mining giants have reported record production levels this morning, in a sign that the industry may be digging itself out of the slump - with a helping hand from China.
Rio Tinto set a new quarterly record for global iron ore production in the third quarter of 2009, 12% up on 2008's number. Its Western Australia mines were worked above their official capacity through the quarter in an attempt to meet demand, it said:
"Shipments to all major markets, including the largest single market, China, were maintained at a high level and were primarily priced on a benchmark or its equivalent provisional basis."
UMC Price at posting:
91.0¢ Sentiment: Hold Disclosure: Held
