Rio Tinto has backed out from a planned $1-billion iron ore project in Portugal to focus on much bigger and potentially profit-yielding development projects,Moncler Kids Jackets, Reuters News reported. Watch Slideshow View Full ImageReuters Australian mining major Rio Tinto Group, also the world's third biggest mining company, is set to infuse some $2 billion into its Orissa iron ore project venture in India amid reports the country's local steel demand alone will balloon by 9 per cent annually over the next five years. Rio Tinto, in talks with the government of Portugal, had signified it is no longer that interested to pursue the project,G Star Raw Jumpers, Reuters News said,www.monclerjacketsbuyonline.com, quoting unidentified sources."The Moncorvo mines project will go ahead, but most likely without Rio Tinto," said one of the sources. "Rio Tinto is choosing to give up smaller projects and Moncorvo should be one of them."The global mining giant had been earlier interested in Moncorvo, located in northern Portugal, which holds one of Europe's largest iron ore deposits.But falling global commodity prices, rising operational costs, as well as shareholder pressure to refund capital prompted Rio Tinto to reexamine its plans,www.monclerjacketsbuyonline.com, opting to focus on its Western Australia and Guinea iron ore project and the Mongolian Oyu Tolgoi copper project,G Star Raw T Shirts.Must ReadU.S,keen sneakers. Court Upholds Dental Assistant��s Firing for ��Being Irresistibly Attractive��Prince Harry Kills Taliban Chief in AfghanistanRumour: Android 5.0 Key Lime Pie May Be First Google OS Release in 2013Fifty Shades of Grey Movie Director: Channing Tatum or Mark Wahlberg?Sponsorship Link-->Regardless of Rio Tinto backing out of the project, the government of Portugal remained confident there are other foreign investors interested in the project."The potential is still there and we have others interested: big mining companies from Brazil, China, Canada and South Korea," the source said.Portugal's mining resources range from iron ore to gold, silver and tungsten.To report problems or to leave feedback about this article, e-mail: To contact the Related articles:

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