Mining giant Rio Tinto Plc. (RTNTF.PK, RIO,RIO.L,RTPPF.PK) Monday said it welcomes the Australian Competition Tribunal's decision that its Hamersley and Robe rail lines should not be opened up to other users.
Rio Tinto Iron Ore acting chief executive Paul Shannon said "This is great news. Rio Tinto runs a highly efficient railway that is fully integrated with our port and mine operations. This would be severely hindered if third parties were allowed to run trains on our rail network, not to mention the knock-on negative effect on the Western Australian and national economies from creating such inefficiencies."
Rio's rival Fortescue Metals Group Ltd. (FSUMF.PK,FMG.AX) has been trying to get access to the rail lines of Rio and BHP Billiton Ltd (BHP: Quote, BBL, BLT.L,BHP.AX).
However, the mining giants believe these lines are an integral part of their mining operations and allowing the trains of other companies to run on them would affect their businesses.
RIO.L settled down marginally at 3,658.00 pence on Friday.
by RTT Staff Writer
For comments and feedback: email@example.com