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Rio Tinto CEO sees spot iron ore prices improving

Wed Oct 1, 2008 11:49pm EDT

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MELBOURNE, Oct 2 (Reuters) - Rio Tinto Ltd/plc (RIO.AX)(RIO.L) expects to see a recovery in spot iron ore prices before the end of this year, Chief Executive Tom Albanese said on Thursday.

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Albanese was answering questions after a business lunch, the day after Australia's competition watchdog cleared BHP Billiton Ltd/plc's (BHP.AX)(BLT.L) hostile offer for Rio Tinto, moving BHP a step closer to clinching the deal first announced last November. (Reporting by Sonali Paul and Victoria Thieberger)

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