Mining giant Rio Tinto's Pilbara iron ore operations in Western Australia are producing ore more quickly than previously anticipated.
Rio said its Pilbara iron ore system of mines, rail and ports had reached a run rate of 290 million tonnes a year (Mta) two months ahead of schedule.
"This is a significant milestone which adds real value for our business and our shareholders by moving more iron ore through the Pilbara at low cost," Rio Tinto Iron Ore chief executive Andrew Harding said in a statement on Wednesday.
"We are now focused on the next phase of our expansion towards 360 Mta."
Rio said the infrastructure that would enable expanded production of 360 Mta should be completed in a little over 12 months, and mine production capacity could be increased by more than 60 Mta between 2014 and 2017.
The miner has been undertaking a major expansion of its Pilbara iron ore operations since October 2010, when it announced an expansion to 283 Mta, and increased that to 290 Mta in 2012.
Shares in Rio dropped seven cents to $62.78.
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