BHP Billiton chairman Don Argus still confirmed plans of buying Rio Tinto despite global financial crisis, as he told investors at the miners London annual meeting.
Meanwhile, Rio has delayed committing the full $US2.5 billion needed to modernise its Kitimat aluminium smelter in Canada. Final Rio board approval had been expected by the end of the quarter. Instead, it allocated an extra $US300 million to the project yesterday after $US200 million in July.
Rio shares closed $11.45 lower at $66.95 while BHP closed $2.55 lower at $24.70.
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