Rio Tinto softens stance on ore talks

Rio Tinto, the world's second-largest iron ore miner, has softened its stance regarding iron ore prices to Chinese steel mills, with negotiations just around the corner and both sides trying to test how far the other would bend in the crucial talks.

Tom Albanese, Rio's chief executive, said in London on Friday that he would seek to mend relations with China: "I made a personal commitment to ensure that our relationship with China is restored to a sound footing, and I was most recently in the country a few days ago."

Sam Walsh, chief executive of Rio's iron ore unit, also said it was possible that China may use a new iron ore pricing mechanism in the 2010 contract year.