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Rio Tinto says its outlook is positive despite crisis

Rio Tinto says its outlook is positive despite crisis

Anglo-Australian mining giant Rio Tinto said yesterday its outlook was positive despite the world financial crisis, even as the economy of major market China "paused for breath."
In an operations review, the world's third largest miner posted record production in iron ore for the quarter ending Sept. 30 and said it performed well in bauxite, hard coking coal and U.S. coal production.
But the company, subject to a hostile takeover offer from rival BHP Billiton, also said the global financial crisis had forced it to review the timing of its planned US$15 billion divestment program.
"The long term outlook for Rio Tinto remains positive despite the upheavals in global markets," chief executive Tom Albanese said.
"With our cost competitive assets, resilient margins and strong customer base, Rio Tinto is well placed to weather the current economic weakness."
The group said while growth in China was expected to fall from close to 12 percent in 2007 to less than 10 percent this year, the slowdown was largely the product of tight credit policies in China.
"In the near term, the Chinese economy is pausing for breath," Albanese said.
"China is not completely insulated from an OECD recession and we will see an impact on Chinese exports."


Updated : 2021-10-20 06:16 GMT+08:00