Rio to double capital spend
RIO Tinto, the world’s third-biggest miner, unveiled plans to double capital spending in 2010 and highlighted early signs of economic recovery.
Rio will splash out up to $6billion (£3.6billion) on capital projects next year. It said 16,000 job losses, asset sales and spending cuts in other areas would help it cash in on growth in demand, through plans such as expanding iron ore production in Pilbara, Australia.
“Coupled with early signs of economic recovery, we are well placed to look ahead to 2010 and beyond,” chief executive Tom Albanese said.
Rio stated it was on track to save $2.5billion in 2010.