Global mining giant Rio Tinto said on Monday, it expected its capital expenditure to surge to around 11 billion U.S. dollars in 2011 and stay at that level over the medium term.
The mining giant said it would continue to evaluate opportunities for small and medium sized mergers and acquisitions.
Rio Tinto chief exeutive Tom Albanese told an investor presentation in Sydney that Rio Tinto has approved 8.6 billion U.S. dollars worth of projects so far in 2010.
Albanese also said China and India's demand for diamonds was growing, offering strong potential in the medium term.
Rio Iron Ore chief executive Sam Walsh said the company was poised to capture the growth associated with higher standards of living in emerging nations.
Walsh said many large Chinese provinces were only just beginning to climb the "steel intensity curve".
However, access to sufficient capital, environmental and regulatory approvals and infrastructure were presenting early hurdles to new projects, making it difficult to ensure new supply was on time and budget, he said.
Copper chief executive Andrew Harding said global copper consumption was expected to rise to 30 million tonnes by 2025.
But Rio Tinto would face some production challenges in 2011 and 2012, he said.
Source:Xinhua
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