Rio Tinto (RTP) Says Fundraising Report Is Pure Speculation

Rio Tinto plc (NYSE: RTP) has described a British Sunday newspaper report claiming Rio Tinto is talking to banking advisers about a potential $9 billion rights issue in the first half of '09 as pure speculation.

The Mail on Sunday newspaper said Rio Tinto was working on contingency plans to raise capital to allow it to take part in future industry consolidation. The Mail cited an unidentified senior banker familiar with the Rio Tinto situation.

A Rio Tinto spokesman told Reuters, "This is a speculative story. Our CEO said then (referring to when he announced the 14,000 job layoffs) that we have no need for a rights issue at the present time."

Rio Tinto plc and Rio Tinto Limited operate as one business organization (Rio Tinto). Rio Tinto is an international mining company.
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