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Rio says confident of Guinea iron ore project

Sun Jun 15, 2008 11:46pm EDT

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SYDNEY, June 16 (Reuters) - Global miner Rio Tinto Ltd/Plc (RIO.AX)(RIO.L) is confident its giant iron ore project at Simandou in Guinea can proceed, Chief Executive Tom Albanese said on Monday.

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"We are confident. We are continuing to proceed with the project," he told reporters. Last week Rio said Guinea was reviewing its award of the Simandou mining concession.

Earlier, Albanese told a business luncheon that rival BHP Billiton Ltd/Plc's (BHP.AX)(BLT.L) $180 billion-plus offer for Rio undervalued its assets and prospects.

Rio has rejected the offer of 3.4 BHP shares for each Rio share as too low. (Reporting by James Regan, editing by Jim Thornhill and Mark Bendeich) (jim.regan@reuters.com; +61-2 9373-1814; Reuters Messaging: jim.regan@reuters.net))
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