Rio Tinto keeps faith in China’s economy

Global miner Rio Tinto chief executive Tom Albanese has kept his long-term faith in China’s economy, local media reported on Monday.

Albanese told The Age newspaper that China was dealing with the crisis in Europe, its biggest export market, while cleaning up after the infrastructure-led “over-stimulus” that followed the 2008 global financial crisis.

“We continue to see the long-term trends in China and several other emerging markets towards greater levels of urbanization and industrialization,” he said.

“The vastness of these numbers would suggest that over time more and more of the materials we produce will be consumed and will be in demand.”

Albanese said the iron ore market was likely to pick up following its fall down.

Xinhua