http://www.abc.net.au/insidebusiness/content/2011/s3137461.htmABC...

http://www.abc.net.au/insidebusiness/content/2011/s3137461.htm

ABC - Inside Business - 13/2/2011

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ALAN KOHLER: So are there any products that you're not in that you'd like to get into? I mean I'm thinking about potash, which BHP bid for that big Canadian potash business but underpaid, failed. What about you?

TOM ALBANESE: I'd certainly- We've been in potash ourselves. I was the one that got us into the Argentinean potash in 2001-2002. By the way, that was right in the middle of the Argentinean financial crisis so it's important to recognise that these economies can sort of go through different phases as they go through.

So I do like potash. We did sell the Argentinean asset during the financial crisis. But I've told our geologists, if we find the right opportunity let's get into it. But frankly, on potash and many of the new things, I'd rather look at them from more of an exploration perspective. Find some new resource and look at developing on a green field basis.

I'd say on the sort of the M and A space, in terms of - as I scan the landscape - I'd be more narrowly focused on the smaller type things that really would be more of a bolt-on to the existing businesses of Rio Tinto. I think we can certainly satisfy our growth objectives by focusing first and foremost on organic opportunities within the existing suite of Rio Tinto businesses.

ALAN KOHLER: So no big takeovers?

TOM ALBANESE: No, I think we'll focus on again the smaller ones that could be bolted-on or complement our existing businesses. If we have them, great. If we don't have them, fine. We'll just keep working on our existing Rio Tinto businesses.

ALAN KOHLER: Thanks very much for joining us, Tom Albanese.

TOM ALBANESE: Good to talk to you too.