Rio Tinto Explores For Iron Ore In Congo - Rio Executive
September 30 2009 - 7:03AM
Dow Jones News
Miners will need to go to undeveloped areas for new mineral
finds and the Congo will be an important area, a Rio Tinto PLC
(RIO.LN) official said Wednesday.
The miner is exploring for iron ore in the Congo through small
mining companies, Rio's head of exploration Eric Finlayson told Dow
Jones Newswires on the sidelines of the Objective Capital
Conference.
Based in the northeastern Congolese city of Isiro, Rio Tinto is
exploring for iron ore. The company signed contracts late last year
with small gold mining companies based out of Canada such as Kilo
Goldmines Ltd. (KGL.V) and BRC Diamondcore Ltd. (BCD.T), with which
Rio is also exploring for diamonds.
Through the arrangement Rio Tinto is looking for iron ore
deposits on the gold-focused miners' properties.
"We can spend money on exploration properties for interest in
iron ore rights," Finlayson said.
Congo is a risky country but Finlayson said the government "has
given us huge support."
In 2010 Rio Tinto will spend $100 million on greenfield
exploration, similar to what was spent in 2009. It will largely be
split between bauxite, copper and iron ore exploration.
-By Devon Maylie, Dow Jones Newswires; +44 (0)20 7842 9483;
devon.maylie@dowjones.com