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Rio Tinto cuts 2017 iron ore production forecast

Xinhua, April 19, 2016 Adjust font size:

Australian mining giant Rio Tinto has cut its production forecast of iron ore for 2017, citing delays to its autonomous long distance rail system.

Production is now expected to be between 330 and 340 million tonnes in 2017, down from 350 million tonnes.

Rio Tinto chief executive Sam Walsh said in a statement on Tuesday the results demonstrate the company's commitment to operational excellence in 2016, with notable improvement in several important areas, including a strong performance in aluminium.

"However, we continue to experience volatility in commodity prices across all markets," Walsh said.

"In the face of a testing external environment, our focus remains on delivering further cost and productivity improvements, disciplined capital management and maximizing free cash flow, to ensure that Rio Tinto remains strong."

Rio Tinto produced 84 metric tonnes of iron ore in the first quarter of 2016, up 13 percent from the same period last year.

Despite Tuesday's announcement, Rio Tinto closed the day 3.79 percent higher on the ASX. Endit