Rio Tinto CEO Keen To Increase Exposure To Africa
Rio Tinto Ltd. (RIO) Chief Executive Tom Albanese said the company is keen to increase its exposure to mining in Africa, flagging more potential investment in the continent.
“I’ve long had the belief that Rio Tinto is under-invested in Africa,” Albanese said, adding that he wants Rio Tinto to continue investing in the country. Africa has “much more potential” to deliver valued exports into world markets, Albanese said at the Commonwealth Business Forum in Perth.
This potential will be “increasingly important” as China and other emerging economies expand and continue to consume mineral products that Africa is rich in, Albanese said.
However, the cost of big projects is increasing, while Rio Tinto also faces the challenge of changing global tax and fiscal regimes, he added. Rio Tinto is developing the multibillion dollar Simandou iron ore project in Guinea, and has also recently made coking coal investments in Mozambique.
“I’ve long had the belief that Rio Tinto is under-invested in Africa,” Albanese said, adding that he wants Rio Tinto to continue investing in the country. Africa has “much more potential” to deliver valued exports into world markets, Albanese said at the Commonwealth Business Forum in Perth.
This potential will be “increasingly important” as China and other emerging economies expand and continue to consume mineral products that Africa is rich in, Albanese said.
However, the cost of big projects is increasing, while Rio Tinto also faces the challenge of changing global tax and fiscal regimes, he added. Rio Tinto is developing the multibillion dollar Simandou iron ore project in Guinea, and has also recently made coking coal investments in Mozambique.
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