BHP Says Trend to Market-Based Ore Pricing Will Stay (Update1) 

NEWYORK, Mar. 23 --&nbsp;Rio Tinto Group, the world's third- largest mining company, is studying six projects to expand iron ore production as China's imports increase.
&quot;To align with major port expansions, we're immediately studying six new mine developments or expansions to increase iron ore capacity,&quot; Sam Walsh, the head of the London-based company's iron ore operations, told delegates today at a conference in Perth. Walsh wouldn't comment on today's trial of four Rio employees in Shanghai.
China, the largest iron ore buyer, took 70 percent of Rio's exports of the steelmaking raw material last year, Walsh said. Rio is planning to expand its production to 330 million metric tons a year by 2015, he said.
Rio is shipping record amounts of the steelmaking raw material as prices surge. Annual contract prices may rise 80 percent this year, ING Groep NV said March 11. Chief Executive Officer Tom Albanese said yesterday Rio wants to help China secure overseas mines.
Rio gained 1 percent to A$75.80 at 1:01 p.m. Sydney time on the Australian stock exchange.
Companies in China, the biggest metals buyer, spent more than $30 billion buying up mines and oil deposits globally last year. Co-operation between state-owned enterprises on overseas projects could unlock &quot;hidden value,&quot; Albanese said yesterday.
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