Source: Mining Weekly                        Date: 08 September 2011

Rio Tinto is promising to take developing countries along on the upward trajectory of the mining industry. An increase in mineral demands will give developing countries a huge leg up in their future, said Rio Tinto's head for iron-ore expansion projects, David Joyce. He said the value minerals such as copper will double over the next 15 to 20 years, according to projections. Rio Tinto is a large stakeholder in Ivanhoe Mines which is running operations at the Oyu Tolgoi copper and gold project.

“Mining investment tends to require significant outlays of capital up front, which are recouped over long operating periods,” he said. “As a result, in most cases, we have a long-term and reliable presence in places where our operations are located. This level of investment has the potential to fundamentally change the lives of people, and at broad levels, the prosperity of nations, if done responsibly.”

The representative said the mining industry is in the position of mining, processing, and transporting more minerals over the next two decades than it has in the last 10,000. He named countries throughout Asia and Africa that are continuing to urbanize and industrialize. He said this will ultimately result in increased consumption of products needing metals world-wide.

The mining industry is also in the position of making positive, long-term contributions to nations for development and stable economies, he said. Rio is currently undertaking a group-wide review of its sustainable development strategy to ensure that its aim is right and true.