Markets have welcomed production forecast for 2013, with global miner’s shares rising 2.5% in Australian trade to a nearly three-week high SYDNEY — Global miner Rio Tinto boosted its forecast copper output for 2013 after a better than expected recovery at its landslide-hit US Kennecott mine, and posted record iron ore and coal output in the third quarter.Copper production was also buoyed by a ramp-up at the Oyu Tolgoi mine in Mongolia, while Rio said in its third-quarter production report it was on track to beat a target of cutting $750m in exploration spending this year.Mining companies worldwide are under pressure to reduce costs and drive existing assets harder as demand for raw materials levels off after years of high growth, particularly from China."Copper’s come in well ahead of most people’s expectations, and there’s a pretty chunky production guidance upgrade there," RBC Capital Markets analyst Chris Drew said.Shares in Rio extended gains after the report, rising 2.5% in Aus...
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