Rio Tinto Ltd is on track for a $US3.5 billion ($A4.67 billion) half year profit after posting a healthy second quarter production report with only a few minor slip ups, according to analysts.

The mining giant boosted its iron ore production to a record 33.32 million tonnes for the quarter, bouncing back strongly from a first quarter blighted by cyclones and heavy rain.

CreditSuisse analysts said the production report was solid with increases in the two key divisions of copper and iron ore, which made up about 70 per cent of earnings in 2005.

"We are encouraged by the results from Rio Tinto's latest quarterly production report posting," they said in a client note.

"Importantly, the company has production, and ultimately financial, traction in the right areas."

The note said the glitches in production had come in less significant contributors like metallurgical coal and uranium.

The CreditSuisse analysts said they were encouraged by the miner's comment that it was seeing "strength of consumer demand".

The analysts said there were a number of issues that could have an impact on third quarter production, including labour negotiations at the Escondida mine in Chile which could put up to 4,000 tonnes per day of copper production at risk.

CreditSuisse said production could also be affected by a planned maintenance shutdown at the Kennecott copper business in the US, lower copper production from the Freeport mine in Indonesia and planned shutdowns at the Comalco Alumina Refinery at Gladstone in Queensland.

Citigroup analysts said the production figures were a good result for the miner.

"Uranium production was the only real negative with (Rio Tinto subsidiary) ERA production falling 60 per cent due to weather and acid plant problems," they said in a client note.

Citigroup said its forecast for a half year net profit of $US3.58 billion ($A4.78 billion) was unchanged after the production report.

Macquarie senior research analyst Brendan Harris said the iron ore production figures were in line with what he had expected and Rio Tinto had done well to bounce back from the weather-affected first quarter.

"There was always risk that maybe, given all the constraints in the system, we could have had another quite disappointing quarter," he said.

"But really, outside the Hail Creek coking (coal) volumes, which aren't a massive driver for the business, things showed pretty strong recovery."

Macquarie is forecasting a half year net profit for Rio Tinto of $US3.5 billion ($A4.67 billion).

Mr Harris said that, as of yesterday, the miner's share price had fallen by about 18 per cent from its peak in May and during the same period Macquarie had upgraded its 2006 and 2007 earnings estimates by about 10 per cent.

"We have maintained a relatively cautious stance in recent months but now see increasing value appearing in the Rio Tinto share price and suggest investors take advantage of current weakness to rebuild positions," he said.