Rio Tinto Ltd., a global mining firm, forecasted that the commodity demand from China will increase more than expected during the next 15 years. The company made these comments in its annual report. Rio Tinto also said it its annual report that after the dominance of China for 15 years India would be the biggest consumer of commodity resources.

The Anglo-Australian mining company Rio Tinto released its annual report today. The company expects that the demand for iron ore, copper, coal and aluminum from China will grow dramatically during the next 15 years.

Rio Tinto also said that the expected increased demand for major commodities would provide the best platform for commodity production in Australia to grow. The company said that it is very optimistic about long term growth prospects.

Rio Tinto also said that it is in advanced talks with Aluminum Corp. of China Ltd., a Chinese company, to develop a joint venture in Guinea. The company is planning to develop the Simandou iron ore project in the West African nation of Guinea. The expected cost of the Guinea mine project is about $6 billion. Rio Tinto said that it eyes on the exchange of intelligence between both the companies on how to develop mining projects in Guinea.