{ “Rio Tinto Goes Long on Iron Ore” }
20.06.12
It’s good to read some more positive news in the mining industry today with the announcement from Rio Tinto of a $5.2B investment into its iron ore business. The announcement is certainly welcomed after the considerable amount of negative press within the mining space in recent weeks. Underpinning Rio’s faith in iron ore, the company… has also invested a further $1B into the Simandou joint venture project in West Africa. Even though the economic outlook is uncertain, Rio’s recent announcement indicates that the growth within the Chinese market place seems to be strong enough to warrant a decision of this magnitude. It will be interesting to watch the response from other major resource companies and the decisions they make over the coming months to Rio’s announcement today. For more information on the project and Rio’s announcement please follow the link below:
http://au.news.yahoo.com/thewest/business/a/-/wa/13995378/rio-flags-us5-2b-expansion/
