MARKET TALK: Rio Tinto Confirms Iron Ore Upgrade 28/04/05 14:39:00
1439 [Dow Jones] More evidence of robust Asian demand for iron ore as Rio
Tinto (RIO.AU) approves US$290 million expansion of Hamersley mines in Western
Australia. Company flagged move in February, but confirmation of upgrade
reinforces belief that Chinese imports of steel-making ingredient will stay
strong for next 2-3 years. Attention now switches to competitor BHP Billiton
(BHP.AU), expected to consider approval of US$2.7 billion expansion by midyear.
RIO down 2.1%, BHP down 2.4%. (SPB)
MARKET TALK: Rio Tinto Confirms Iron Ore Upgrade 28/04/05...
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