Rio Tinto sought last week to brush off fears of a global economic slowdown and softening demand for industrial commodities in China, Rio's biggest market, where it said the economy should remain resilient. As a 49 percent stakeholder in Ivanhoe Mines, the 66 percent owner of the Oyu Tolgoi copper and gold project, and the head of operations for the project, China will continue to a key consumer of Rio goods as China is the number one consumer of fuel and minerals from Mongolia.

“While the declining prospects in the west will undoubtedly contribute to the Chinese slowdown, domestic demand including domestic consumer remains strong,” Jan du Plessis, Rio Tinto chairperson.  “That is why at Rio we continue to believe that China would be fairly resilient to even a quite sharp correction in the OECD economies.”

China has been raising interest rates and banks' reserve requirement ratios to fight inflation and rein in borrowing, policies Premier Wen Jiabao has vowed will remain Beijing's top priority. A by-product of the strategy has been a slowing in new purchases of imports such as iron ore and copper, key revenue-getters for revenue.

Rio is accelerating a plan to lift output by 50 percent to 333 million tons a year by 2015.