Rio Tinto looking for acquisitions - Analyst

Rio Tinto looking for acquisitions - Analyst BNAmericas cited Mr John Meyer mining analyst with investment bank Fairfax as saying that Anglo Australian miner Rio Tinto is looking to take advantage of the recent market turmoil and the deepening credit squeeze to acquire projects from distressed juniors. He said that "They are looking for mines with more than a 20 year mine life and the potential for over 200,000 tonnes per year." Mr Meyer said that "They have not named any names because that is not what they want to do if they are looking to buy a company. I think they'll be looking at a few things in Peru and other parts of Latin America." Mr Meyer said it is going to be very difficult for companies without significant balance sheets to borrow, and already the costs of borrowing funds from banks are rising substantially. Mr Nick Cobban spokesperson of Rio Tinto spokesperson said that "We always keep our options open in terms of expansion and growth opportunities, whether they are exploration properties or existing operations. But whether we would be more likely to do so now than at any other time I couldn't really comment." ---by steelguru