Tuesday, June 8, 2010

Rio Tinto (NYSE:RTP) to Invest Billions in India Mining

Rio Tinto (NYSE:RTP) considers India one of its leading mining markets, and is prepared to invest billions of dollars into the region.

“India is high on our priority list and we are ready to spend billions of dollars in its mining sector,” said Rio Tinto chief financial officer Alan Davies.

Not only is Rio looking within physical India for mining project partners, they're also looking for Indian partners to explore outside of the country as well.

“We are talking to both these companies (Essar and Coal India Limited), as also other private majors from India, to work within the country and outside. New prospective markets are being explored, such as Brazil as also Canada, where Rio Tinto already has its operations,” added Davies.

While iron ore, coal and diamonds are the major minerals being looked at now, any good resource seems to be a possibility for lining up partners to work with.

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