MARKET TALK: Rio Tinto Eagle Mine Investment Good - Investec

15th Jun 2010 16:18

1518 GMT [Dow Jones] Rio Tinto PLC's (RTP) $469M investment to develop the US-based Kennecott Eagle nickel and copper mine was expected and reaffirms the company's belief that long-term demand recovery is underway, says Rebecca O'Dwyer of Investec. Adds: "It's Rio Tinto's first major nickel development. After 18 months where they have been very tight with capital expenditure, this is a sign that they are perhaps more confident about the recovery." Investec has a buy rating and 4750p target price. Shares +0.8% at 3339p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 15, 2010 11:18 ET (15:18 GMT)