Rio Says China Commodity Demand to Grow Over 15 Years (Update1) -Shanghai Metals Market

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Rio Says China Commodity Demand to Grow Over 15 Years (Update1)

Industry News 10:04:12AM May 26, 2010 Source:SMM

May 26 (Bloomberg) -- Rio Tinto Group, the world's third- biggest mining company, said it expects China's commodity demand to increase over the next 15 years.

"China's demand for iron ore, copper, coal and aluminum is expected to grow over the next 15 years, after which time we expect to see increasing demand from India," Jan du Plessis, chairman of the London-based company, said today at its annual meeting in Melbourne.

Rio Tinto, which has about a third of its assets in Australia, and rivals are campaigning against the government's plan to introduce a 40 percent mine profit tax. The company said the nation's reputation has been damaged by the tax.

"The proposed super tax is the number one sovereign risk we face anywhere in the world," Chief Executive Officer Tom Albanese said at the meeting.

Rio rose 3.9 percent to A$64.09 at 10:19 a.m. Sydney time on the Australian stock exchange.
 

Key Words:  commodity  consumption  demand  Rio Tinto  

Rio Says China Commodity Demand to Grow Over 15 Years (Update1)

Industry News 10:04:12AM May 26, 2010 Source:SMM

May 26 (Bloomberg) -- Rio Tinto Group, the world's third- biggest mining company, said it expects China's commodity demand to increase over the next 15 years.

"China's demand for iron ore, copper, coal and aluminum is expected to grow over the next 15 years, after which time we expect to see increasing demand from India," Jan du Plessis, chairman of the London-based company, said today at its annual meeting in Melbourne.

Rio Tinto, which has about a third of its assets in Australia, and rivals are campaigning against the government's plan to introduce a 40 percent mine profit tax. The company said the nation's reputation has been damaged by the tax.

"The proposed super tax is the number one sovereign risk we face anywhere in the world," Chief Executive Officer Tom Albanese said at the meeting.

Rio rose 3.9 percent to A$64.09 at 10:19 a.m. Sydney time on the Australian stock exchange.
 

Key Words:  commodity  consumption  demand  Rio Tinto