Rio Tinto Sees Subdued Commodity Prices In Short Term, Optimistic Of Long-term

(RTTNews) - Mining giant Rio Tinto Plc. (RTPPF.PK, RIO.L, RIO, RTNTF.PK) sees subdued commodity prices in the short term, but continues to expect 7 percent growth in China this year. Yet, the company is optimistic about long-term demand.

"The boom times were never going to last forever and neither will the tough times," Jean-Sébastien Jacques, copper and coal chief executive of Rio Tinto, said in a speech in Sydney.

Jacques added that Rio Tinto's copper mines continued to generate surplus cash, even as copper prices have slumped in recent times.

Further, he said coal's future is safe even as countries target to address climate change.

Additionally, he said early next year Rio Tinto would take a final investment decision on its long-delayed Oyu Tolgoi copper mine in Mongolia.