Rio Tinto's new mine should help overtake industry leader BHP Billiton

The fall in iron ore prices cannot stop Rio Tinto. The miner is making plans to develop the largest iron ore mine in Western Australia in the Pilbara area. During its operation, the company will be able to produce 70 million tons per year.

This means that the new mine, to be named Pocket and Billiard South, will be ahead of giant BHP Billiton. Rio Tinto is currently conducting a preliminary study and has already submitted documentation for approval of the project with the Committee on the Environment. One of the points of agreement will be sanitary protection zone of the boiler house , planned for the new production. The mine is due to start production in 2017, with an initial rate of 28 million tonnes per year.

In the second quarter of 2014, Rio Tinto increased its iron ore production. According to the report, the miner has recorded a sharp spike in iron ore production and is "actively expanding" exports to China to drive small, local Chinese producers out of the market. China is the world's largest steel producer and also a major consumer of iron ore, which is why all miners take a special interest in it.

Other major miners including BHP Billiton, Vale and Fortescue Metals also raised their iron ore production forecasts for the year. Fortescue reported a 28 percent increase in production in the second quarter over the same period last year, while BHP increased its iron ore production by 20 percent. The expansion of large miners' production helped them weather low iron ore prices this year, which fell by a third from $ 130 per tonne in January 2014.