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Reuters reported Rio Tinto (NYSE:RIO,LSE:RIO,ASX:RIO) is negotiating with Portugal’s government for a concession to mine iron ore in the country.
Reuters reported Rio Tinto (NYSE:RIO,LSE:RIO,ASX:RIO) is negotiating with Portugal’s government for a concession to mine iron ore in the country.
As quoted in the market news,
[The] investment worth more than 1 billion euros, sources close to the talks said on Friday.
The investment in the mines of Torre de Moncorvo would represent a big boost for the country, which sorely needs foreign investment at a time of deep recession, as it cuts spending to meet budget goals under a 78 billion euro ($107 billion) bailout.