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 |

Related posts:

  1. Emerging-Market Rally to Extend to 2010
  2. EBRD revises down 2009 economic forecasts, sees fragile recovery in 2010
  3. Why China must do more to rebalance its economy
  4. Improvement in global commercial property transactions set to accelerate in 2010, report shows
  5. Economic Recovery In U.K. To Remain Sluggish In 2010: CBI
  6. European Investment Funds Show Strong Start to 2010
  7. Japan’s debt-ridden govt plans new stimulus
  8. China mining industry made $50 billion worth of overseas M&A – People’s Daily Online
  9. Surprise: UK Still In Recession
  10. Bank’s Sentance sees some risk of double-dip – Reuters
  11. Templeton China – Market Commentary
  12. Skandia survey suggests continued confidence in offshore products
  13. Russian economy to grow faster than projected in 2010 – ministry
  14. Survey: 2010 Will Be Buyers’ Market for Commercial Real Estate
  15. IMF: MENA Region Recovering with 4.5% Growth in 2010
  • Welcome to Offshore Capitalist

    Do dramatic financial headlines every day drive you crazy? Forget them! Drop by Offshore Capitalist every now and then to catch the useful stuff.