Friday, December 14, 2007

Rio Tinto officials see Oyu Tolgoi copper as important part of company’s future

Even as mining giant Rio Tinto is weighing offers to purchase the company, company executives are promoting a new focus on corporate growth by developing their copper mines in Mongolia and elsewhere.

Officials noted that their Mongolian holding, Oyu Tolgoi, is expected to produce 440,000 tons of copper annually, along with “significant gold by-products.”

"By 2025 we estimate that the world will be consuming an additional 14 million tons of copper per annum, that's almost a doubling of current consumption in less than 20 years,” Rio Tinto copper chief executive Bret Clayton told

"Demand remains strong and supply is struggling to keep pace," Mr. Clayton said.

BHP Billiton is seeking to take over Rio Tinto. However, officials close to the initial negotiations have indicated the companies are not near any agreement.

Tuesday, 04 December 2007

No comments: