Memo from CITI, Nov-15
Rio Tinto held a round table discussion with Energy CEO Doug Ritchie. Mr Ritchie remains upbeat on the medium and long term outlook for energy markets; in particular thermal coal and uranium, although he did state that he believes the whole complex will do well.
Rio Tinto wants to remain a large player in the uranium market and believes the long term growth outlook hasn’t changed following Fukushima.
Mr Ritchie would not be drawn into commenting on the counter bid for Hathor, but he did say the Athabasca Basin is a high quality, high grade uranium deposit and fits their strategy. He suggested this was an easier transaction than a merger with Rossing South and Rossing.