Rio to boost capex spending to $11 billion in 2011

Nov 26 (Profile Facts) - Global miner Rio Tinto (RIO.L) (RIO.AX) said capital spending in 2011 will rise to $11 billion from about $4 billion this year as it seeks to boost iron ore output by more than 50 percent over five years. "We believe the first and best use of our strong cashflows and robust balance sheet is to invest in the excellent range of value-adding growth projects across Rio Tinto's product portfolio," chief executive Tom Albanese said in a statement ahead of a presentation to investors