Rio Tinto Explores For Iron Ore In Congo - Rio Executive

Miners will need to go to undeveloped areas for new mineral finds and the Congo will be an important area, a Rio Tinto PLC (RIO.LN) official said Wednesday.

The miner is exploring for iron ore in the Congo through small mining companies, Rio's head of exploration Eric Finlayson told Dow Jones Newswires on the sidelines of the Objective Capital Conference.

Based in the northeastern Congolese city of Isiro, Rio Tinto is exploring for iron ore. The company signed contracts late last year with small gold mining companies based out of Canada such as Kilo Goldmines Ltd. (KGL.V) and BRC Diamondcore Ltd. (BCD.T), with which Rio is also exploring for diamonds.

Through the arrangement Rio Tinto is looking for iron ore deposits on the gold-focused miners' properties.

"We can spend money on exploration properties for interest in iron ore rights," Finlayson said.

Congo is a risky country but Finlayson said the government "has given us huge support."

In 2010 Rio Tinto will spend $100 million on greenfield exploration, similar to what was spent in 2009. It will largely be split between bauxite, copper and iron ore exploration.

-By Devon Maylie, Dow Jones Newswires; [phone]; [e-mail]