• search
For Quick Alerts
For Daily Alerts

Rio Tinto says India will match China's demand for key commodities soon

By Super Admin

Melbourne, Mar 16(ANI): Global miner Rio Tinto has predicted that while China's demand for iron ore, copper, coal and aluminium will grow during the next 15 years, India will soon take the lead for further demand.

In its annual report, Rio Tinto said the short-term outlook for mining and metals is also improving, but would likely remain volatile.

It also highlighted that there are risks to outlook, including the possibility of monetary tightening by Asian economies and constrained consumer spending in developed nations.

"As China nears the top of the commodity intensity usage curve, India is expected to follow, supporting a further potential wave of strong commodity demand," The Sydney Morning Herald quoted Tom Albanese, Rio Tinto chief executive, as saying.

He said the company's move towards a joint venture with BHP Billiton to tie-up its massive iron ore operations in Western Australia's Pilbara region was a highlight of 2009.

Albanese further said the strong demand for iron ore provided option for production growth, with plans to increase its capacity in the Pilbara.

Meanwhile, Chairman Jan du Plessis said China continued to drive demand, but there were concerns about the sustainability of that demand in the short term.

"Longer term, China is likely to move towards more domestic, consumption-led development," Plessis said. (ANI)

For Daily Alerts
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more