Rio Tinto has achieved record production for iron ore, bauxite and thermal coal in 2013, with over $2 billion of operating cash cost improvements achieved in 2013 compared with 2012. Exploration and evaluation expenditure reduced by over $1 billion in 2013 compared with 2012, exceeding the $750 million target set for the year. Non-core asset divestments totalling $3.5 billion announced in 2013, of which $2.5 billion completed in 2013.

“These are excellent fourth quarter operational results, demonstrating continued delivery on our commitments,” Rio Tinto chief executive Sam Walsh said.

“We have set new records for iron ore production and shipments as we ramp up our 290 expansion, as well as achieving an impressive recovery in copper volumes and record annual production for both bauxite and thermal coal.

“We have exceeded our cost cutting targets for the year and announced or completed $3.5 billion of non-core asset sales. These actions, together with lower capital expenditure in 2013 and beyond, will ensure that Rio Tinto is well positioned to deliver greater value to shareholders.”

In a statement, the company revealed record quarterly and annual iron ore production, shipments and rail volumes as well as record annual production and shipments for bauxite, with production records at both Australian mines and in Guinea. The safe and efficient ramp up to 290 Mt/a nameplate capacity across mines, rail and ports remains on track for completion by the end of the first half of 2014.