Rio Tinto (RIO) intends to expand its iron ore mine in the remote Australian region of Pilbara to 360M metric tons a year by mid-2015 from 290M by the end of 2013. In 2012, Rio's overall production rose 4% to 253M tons, slightly above its guidance of 250M tons. The company is benefiting from an 80% recovery in iron-ore prices since September as Chinese steel mills re-enter the market on an improving economic picture.
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