Rio Tinto Limited
(ASX:RIO) has affirmed its strategy for continued iron ore expansion in the Pilbara region of Western Australia despite recent commodity price softness.
CEO Sam Walsh told shareholders at its Annual General Meeting the global miner will continue its low-capital-cost brownfield expansions as it grows capacity this year.
Mr Walsh says the expansion represents a clear and consistent strategic response to the unprecedented, continuing, long-term growth in China.
Commenting on commodity prices Mr Walsh advised the market has always presented cyclical challenges and today's weakened market is no different.
Rio Tinto reported a net profit of $7.92 billion in the 2014 calendar year.
