MELBOURNE, Australia — Rio Tinto Ltd. outlined a conceptual plan to boost annual iron-ore output to 600 million metric tons and committed $2.4 billion to develop iron-ore deposits Monday ahead of an investor briefing in London. Rio Tinto is laying out new justifications for rejecting a $150 billion takeover bid from rival BHP Billiton Ltd. that would create a global mining behemoth. Chief executive Tom Albanese said the full value of the company’s assets was yet to be reflected in the market.
“We believe we have a better growth pipeline than our competitors ,” he said. “We have the people, execution capability and resources to work smarter, faster and better than our competitors.”
A subsidiary of Rio Tinto operates the Colowyo Mine near Craig and three coal mines in the Powder River Basin in Wyoming. Rio Tinto is based in Britain and is listed on stock exchanges in London and Australia. BHP Billiton is the world’s biggest mining company, whose stock is listed in Sydney and London. The Associated Press
