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Article: United States : Rio Tinto Plans to Diversify, Spend Up to $3.5 Billion to Expand.
- Article from:
- TendersInfo
- Article date:
- November 2, 2009
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Byline: sanjayV03
Rio Tinto plans to spend as much as $3.5 billion to solidify its core business and to diversify as the miner attempts to restore lost luster and prepare for a commodity rebound.
"We are shifting to growth mode," said Tom Albanese, chief executive of Rio Tinto, the world's third-largest miner by production. "Based on the economy as it stands, the outlook for 2010 and beyond is more robust than we had assumed six months ago."
Mr. Albanese said the Anglo-Australian company has $12.2 billion of liquidity, comprising $2.7 billion in cash and $9.7 billion in undrawn credit facilities.
Mr. Albanese and his board, including ...