Rio Tinto Ltd Rio laid out new justifications for rejecting a USD 150 billion takeover bid from rival BHP Billiton Ltd. that would create global mining behemoth.

Mr Tom Albanese CEO of Rio Tinto said that the full value of the company's assets was yet to be reflected in the market. Mr Albanese reaffirmed that he thought BHPB’s bid fundamentally undervalued Rio Tinto, which he said was better placed to deliver value as a stand alone firm. He said "The rise in global mineral demand is a trend that we expect to continue for decades driven by fundamental demographics and economic shifts, especially in developing economies like China and India.”

He said "We believe we have a better growth pipeline than our competitors, which puts Rio Tinto in a strong position to supply the metal hungry world. While BHP may need Rio Tinto, Rio Tinto doesn`t necessarily need BHP.”

He added that "We have the people, execution capability and resources to work smarter, faster and better than our competitors."