Rio Tinto Negotiates Portugal Iron Ore Deal

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.

Click here to read the full Reuters report.