Global miner Rio Tinto warned on Monday that customers were turning cautious but said it was still able to sell all the commodities it could produce.

The company's comments matched rival BHP Billiton , which earlier this month turned slightly more bearish on commodities demand, warning that some buyers were facing tighter access to credit.

Rio Tinto has approved spending of $14 billion for projects in 2012 and said that could increase, the company said in a statement ahead of an investor briefing in Sydney.

The world No.2 iron ore miner increased its iron ore expansion target by 20 million tonnes to 353 million tonnes a year by the first half of 2015.

(Reporting by Sonali Paul; Editing by Lincoln Feast)