Rio Tinto Confident Of Long-Term Commodity Demand

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Rio Tinto Confident Of Long-Term Commodity Demand - Chairman

SYDNEY -(Dow Jones)- Rio Tinto Ltd. (RIO.AU) remains confident of demand for its products in the long term despite current turmoil as China, the main driver of commodity prices, is likely to maintain strong economic growth, Rio Tinto Chairman Paul Skinner said Wednesday.
China's economic growth in the fourth quarter is "certainly slower" than in the third quarter but the China "phenomenon" is sustainable, he told a business breakfast meeting.
Skinner said that he expects global financial instability to continue but further out he maintains an upbeat outlook despite BHP Billiton Ltd.'s (BHP.AU) move Tuesday to withdrew its hostile takeover bid for Rio Tinto, citing growing risks to shareholders from the deal due to a global economic slump.
"Let's remember that back in 2005 when the rally (in commodity prices) started, these prices were considered good prices," he said. "Based on that, current prices are still above historical averages."
He said Rio Tinto is well placed to meet long-term demand and wasn't distracted during the BHP bid process.
-By Elisabeth Behrmann and Cynthia Koons, Dow Jones Newswires; 61-2-8235-2965; elisabeth.behrmann@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=VNf1o8oJFnifzxvjBbgEew%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
November 25, 2008 17:00 ET (22:00 GMT)