Global miner beat the targets set by CEO Walsh, write David Stringer and Jesse Riseborough RIO Tinto Group, the world’s second-largest mining company, beat its cost-cutting targets for last year as fourth-quarter iron ore production advanced to a record on increased Chinese demand.Output climbed 7% to 55.5-million tonnes last quarter from 52-million tonnes a year earlier, London-based Rio said on Thursday in a statement, in line with the 55.7-million-tonne median estimate of five analysts surveyed by Bloomberg.Rio cut cash costs by more than $2bn and halved exploration spending across its suite of commodities to $948m last year, beating the targets set by CEO Sam Walsh after he replaced Tom Albanese in February following failed aluminium and coal deals. The cuts came even as production of iron ore, thermal coal and bauxite rose to records, Mr Walsh said."What Rio is trying to articulate is that it’s delivering on its promises," said Peter Esho, chief market analyst at Invast Financi...

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