RIO 1.08% $90.95 rio tinto limited

rio buys ships

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    Is this a defensive ploy against BHP?

    Rio Tinto said its $US315 million purchase of three giant iron ore ships will go ahead, despite the recent slowdown in demand.
    The mining giant announced the purchase of the three ships, each able to carry 250,000 tonnes of iron ore, in January and expects to take delivery of them in 2012.

    A Rio Tinto spokesman said the purchase of the ships is part of its marketing strategy, allowing it to provide customers with better delivery options.

    “The business case for it was and remains sound and therefore the slowdown of recent times has no bearing on the need for those ships,” he said.

    The miner has the option to purchase another two vessels, but a decision on these vessels is not due until late 2009.

    Rio Tinto announced this week it is cutting its iron ore production in the Pilbara region of Western Australia by 10 per cent due to a drop in demand from China.

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