Copper, aluminium, iron ore demand to "double"

GIVEN the argy-bargy over the resource rent tax, there should be no surprise that matters non-RRT did not get much of an airing at Rio Tinto's annual meeting. That's a shame because resource bulls would have drawn a lot of comfort from what Rio boss Tom Albanese had to say about the strength of the long-term demand outlook, notwithstanding the occasional bumps along the way from things like the global financial crisis.

The Jersey boy reckons that despite the GFC and now the Euro debt crisis, the ''longer-term drivers'' relating to the developing world's industrialisation, urbanisation and increased productivity remain in place.

''Over the next 15 years we expect consumption trends to lead to a doubling in demand for iron ore, aluminium and copper. We also expect substantial increased demand for energy. These trends will require a significant response from producers,'' Albanese said.