Rio Tinto Posts Record Iron Ore, Aluminum Output

MELBOURNE -(Dow Jones)- Rio Tinto Ltd. (RTP) posted record annual iron ore and aluminum output in 2007 and said Wednesday that production growth is set to accelerate in 2008.

The solid quarterly production report is in line with analysts' expectations so isn’t likely to spark major changes to earnings forecast, but neither does the report provide rival BHP Billiton Ltd. (BHP.AU) any fresh openings to promote its US$139 billion takeover proposal.

Aluminum production for the quarter climbed 287% on year to 835,400 tons and alumina output rose 133% to 1.85 million tons, thanks largely to Rio Tinto’s US$38.1 billion acquisition of Alcan.

"With significant expansions in iron ore and aluminum and the contribution of the Alcan acquisition, which created the world’s leading aluminum producer, we are set to see an acceleration of this growth in 2008," Chief Executive Tom Albanese said in a statement.