Mining Report: Rio Tinto Pumping Out Iron, Denison to Explore Mongolia

Denison Mines (AMEX:DNN) anticipates a 40% increase in uranium production this year over last. The intermediate uranium producer also announced plans to “aggressively” pursue projects in the U.S., Canada, Mongolia and Zambia.
Expansion in Australia’s Pilbara region resulted in Rio Tinto’s (NYSE:RIO) Q4 iron ore production growing to a record 51.2M metric tons. Australia’s third-biggest iron ore producer, Fortescue Metals Group Ltd. (FMG) reported a 45 percent jump today in shipments and predicts a bounce back in demand from steel mills in China.

Here’s how these stocks are reacting to the news:

Intl Uranium Corp (AMEX:DNN): DNN shares recently traded at $1.75, up $0.18, or 11.46%. They have traded in a 52-week range of $0.81 to $4.52. Volume today was 2,502,841 shares versus a 3-month average volume of 1,085,910 shares. The company’s trailing earnings are $-0.06 per share.

Rio Tinto Plc (NYSE:RIO): RIO shares recently traded at $56.42, up $2.12, or 3.9%. They have traded in a 52-week range of $40.50 to $76.67. Volume today was 2,937,941 shares versus a 3-month average volume of 3,855,250 shares. The company’s trailing P/E is 6.92, while trailing earnings are $8.16 per share.