Rio Tinto has opened down 2.3% after the company provided weak iron ore production numbers and reiterated its full-year guidance Rio Tinto plc (ADR) (RIO) has reported a 6% drop in iron ore production for the first quarter of fiscal 2014 (1QFY14; ended March 31, 2014) over the preceding quarter. The Anglo-Australian company reported total global production of 66.4 million tonnes of iron ore for 1QFY14. On a year-over-year (YoY) basis though, the company produced 8% more ore in the period under discussion. Rio Tinto attributed the drop in production to weather-related disruptions in Australia and Canada. Its stock price was down 2.3% in early trading. Brazilian miner Vale SA (ADR) (VALE), the largest iron ore producer in the world, also saw stock prices open 3.6% down from yesterday’s close. Iron Ore of Canada (IOC), in which Rio Tinto has a 59% stake, saw production decline 12% YoY as exceptionally cold weather disrupted mining operations in Labrador. IOC is co-owned by Mitsubishi Corp, which has a 26% stake in the company, and Labrador Iron Ore Royalty Co., which has a 15% stake.Analysts at Deutsche Bank AG (ADR) (DB) had estimated Rio Tinto’s global iron ore production would be 70.5 million tonnes, with 68 million tonnes coming from its operations in Pilbara, West Australia alone. However, only 63.4 million tonnes were produced in Pilbara because cyclones and heavy rain in the area hindered full operations.