Gold News

Rio Tinto reports higher gold output

Mining giant Rio Tinto has said it increased gold production by 23 per cent during the fourth quarter of 2007 compared with 2006.

Announcing its fourth quarter results today, the company announced that produced 1.2 million ounces of the yellow metal, while refined gold production rose by 98 per cent.

The firm also reported record iron ore production for the whole of 2007 and record bauxite, alumina and aluminium production for the fourth quarter.

"Against a background of record prices for many of our commodities and with a strong outlook for the demand for our products in the developing markets, we look forward with confidence," commented Rio Tinto chief executive Tom Albanese.

The company's gold mining operations are largely located in the Americas and Australia, with production undertaken by Kennecott Minerals, Kennecott Utah Copper and its joint ventures Escondida in Chile, Grasberg in Indonesia and Northparkes in Australia.

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