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Print[Ferro-Alloys.com] The chief executive of Rio Tinto Plc, the world's third-largest miner by market capitalization, is confident of continued economic growth in China, and says his company is planning further expansion worldwide, in anticipation of a recovery of the steel market in the country.
Tom Albanese told that despite imported iron ore prices falling dramatically in recent months, China will feature strongly within a planned global investment of USD16 billion by his company in its mining businesses.
He said the investment will be used in sectors including iron ore, copper, coal and aluminum businesses, in order to meet growing demand from China. Albanese said he estimates China's steel output will increase by up to 40 percent from now to 1 billion metric tons by 2030.
"The figure matches the Chinese government's development plan," he said. "China's economy needs to balance its growth and sustainability, which is very important to match Rio Tinto's strategy."
However, the head of the world's second-largest iron-ore producer by output after Brazil's Vale SA also warned that he considered China's economic development in the past decade as too fast and unsustainable, and said that he hoped it would be slower and more sustainable during the next 10 years.
According to the latest industry figures from the customs office, China's iron ore imports in August reached 62.45 million tons, a 7.91 percent increase compared with the previous month.
China imported 486 million tons of iron ore during the first eight months, an 8.7 percent growth year-on-year with a 16.48 percent drop in the average price.
In the first half, Rio Tinto's basic earnings dropped 34 percent to USD520 million with revenue of RMB5.34 billion. At present, iron ore output in the region is 230 million tons.
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