Rio Tinto Group, the world’s second- biggest mining company, will cut capital spending to about $8 billion in 2015, less than half its outlay last year, as mineral producers conserve cash after prices fell.
Rio Tinto Group, the world’s second- biggest mining company, said it will cost $3 billion less than previously expected to meet its goal of increasing iron-ore production capacity in Western Australia by about 25 percent.
Ivanhoe Mines Ltd. founder and Chief Executive Officer Robert Friedland said Rio Tinto Group released “unauthorized and incomplete” information about Oyu Tolgoi, the Mongolian mine they’re jointly developing.
China’s copper demand will probably grow more than 8 percent annually in the next five years as the country uses more of the metal to develop its power infrastructure, Rio Tinto Group’s head of copper said.
Rio Tinto Group said that potential changes by Mongolia to an investment accord that at present gives partner Ivanhoe Mines Ltd. control of one of the world’s largest copper mines will alarm investors.
Copper rose for the third time this week as the outlook for demand brightened with improved economic growth in China, the world’s biggest user of the metal, and speculation that Japan will expand stimulus measures.