Offshore Capitalist

Rio to double spending in 2010

LONDON (Commodity Online): Signs of economic recovery were visible in mining companies’ plans for the coming year with mining giant Rio Tinto doubling its planned capital spending for next year to at least $5-billion.

Capital spending in 2010 was due to be cut to $2.5-billion, just enough to sustain current mines, but current plans were for $5-$6-billion, Rio said in a statement.

The company said it will continue its program of cost reduction and debt repayments, but its renewed strength enabled it to focus on disciplined capital expenditure on premier growth options.

Rio shares in London, which have outperformed the UK mining index by nearly 30 per cent this year, rose 2.1 per cent to 2,844 pence. This compared to a 1.1 per cent rise in the mining index.

via Rio to double spending in 2010 | 31 October 2009 | www.commodityonline.com.

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