rumour article found on miningnews final call

Found an article last night stating rumours rio will Holt
any new IO projects. I would love to know if this means new projects on the horizon or projects already in the planning stages (design/tender).

News reports out of London today have fuelled the fire of speculation about Rio’s next move now it has been rejected by erstwhile suitor BHP Billiton, its share price has been pummelled into submission and its products – iron ore, copper, coal, nickel etc – also take a demand and price hit.

These news reports are suggesting Rio is about to put a hold on new projects – including its new iron ore expansion plans – and possibly drop its troubled Simandou iron ore project in Guinea. Thousands of jobs are reportedly also facing the chop.

The rumours meant Rio’s share price, while up, was perhaps a little less buoyant than it could have been on the Australian market’s good mood. Its shares ended the day up 8c to $32.08.

BHP Billiton, meanwhile, was last trading at $A27.22, up $1.07 or 4%, lifted by a wave of cheerfulness that crashed over the entire bourse today.

Whether it was the delivery of the Australian government’s $A10.4 billion economic stimulus package to families and pensioners or Wall Street’s rally on Friday, the gains on the Australian market added 141.7 points on the S&P/ASX 200, bringing it back up to 3631.6 points, a 4% gain.