Friday, Rio Tinto Plc (RTP, RTPPF.PK) said it still expects full-year capital expenditure to be around $5 billion and for 2010 at least $5 billion with the potential to rise to $6 billion. Capital expenditure guidance for 2010 includes $2.5 - $3.5 billion on growth projects. The company said that the previous guidance for 2010 indicated capital expenditure would be reduced towards sustaining levels, at around $2.5 billion.
Tom Albanese, chief executive, Rio Tinto said "Since the start of the year we have recapitalized the balance sheet and taken decisive action to reduce operating costs and respond to the sharp decline in global economic conditions. We have emerged from these challenges a stronger business. Coupled with early signs of economic recovery, we are now well-placed to look ahead to 2010 and beyond."
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