Rise in iron ore production as Rio Tinto recovers from Australian floods

Rio Tinto on Thursday reported a 5 percent rise in third-quarter iron ore production from a year ago and said its Australian coal operations had recovered from flooding earlier in the year.

"We have set new quarterly records for iron ore sales and hard coking coal production as our operations recovered from the severe weather experienced earlier in the year," Rio Tinto Chief Executive Tom Albanese said in a statement accompanying the company's quarterly production report.

"Whilst we are mindful of current market volatility, the fundamentals are holding up well, particularly for bulk-traded commodities," he said.

Rio Tinto, the world's second biggest producer of iron ore after Vale of Brazil, maintained its 2011 forecast for iron ore production of more than 240 million tonnes.