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Gold/Mining/Energy : Mining News of Note

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To: LoneClone who wrote (12994)	1/15/2008 3:28:42 PM
From: LoneClone	Read Replies (1) of 193721

Rio Tinto Says Strong Market Outlook For Iron Ore To Continue \|Published: January 15, 2008 2:26 AM Dow Jones smartmoney.com SYDNEY -(Dow Jones)- Rio Tinto Ltd. (RIO.AU) Tuesday said it expects a strong demand outlook for iron ore to continue, based on China's voracious appetite for the steel making ingredient. Sam Walsh, Rio Tinto's chief executive for iron ore, presented the company's bullish assumptions for the market during a media tour in Western Australia's Pilbara region. According to Rio Tinto's forecasts, China will double its iron ore imports over the next six years, as domestic demand underpins steel consumption. Combined with restricted imports from India as a result of taxes and India's own growing consumption, the outlook for the market will stay strong, Rio Tinto said. The rise in spot prices on imports into China indicated significant upside for the market. The three iron ore majors BHP Billiton Ltd. (BHP.AU), Brazil's Vale (RIO) and Rio Tinto are currently locked into negotiations with key consumers for yearly contract settlements. Rio's media tour comes before a backdrop of intensifying speculation of the next step in the takeover tussle with rival BHP Billiton Ltd. Ongoing rumors point to BHP Billiton upping its offer before a Feb. 6 deadline, but a source close to BHP said Tuesday the company was still weighing its options for its next move. -By Elisabeth Behrmann, Dow Jones Newswires; 61-2-8235-2965; elisabeth.behrmann@dowjones.com (END) Dow Jones Newswires 01-15-08 0226ET

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