And read my other post about 800 mil. to spend in 2008!

 merger between Anglo-Australian miners Rio Tinto (NYSE: RTP, LSE: RIO) and BHP Billiton (NYSE: BHP) would not impact the future plans of Brazil's CVRD (NYSE: RIO), CVRD CEO Roger Agnelli said Monday.

"For us, it does not change anything in terms of investment plans, the future outlook or our discipline in allocating capital. BHP's move to acquire Rio Tinto is about having access to resources and reserves to develop new projects and speed up these mining projects," Agnelli said during a webcast press conference in Paris.

BHP Billiton approached Rio Tinto earlier this month with a deal in which the former would hand over three shares for each in Rio Tinto, but the proposed transaction was turned down by the takeover target, which considered the offer too low.

"CVRD has no intention of interfering in this process... there are no plans to make any movement in this transaction," Agnelli said in reference to speculation of a counter offer for Rio Tinto by CVRD.

The Brazilian company's priority is to grow organically, the CEO added.

CVRD unveiled earlier this year plans to invest US$59bn for the 2008-12 period at operations in Brazil and worldwide focusing on iron ore, nickel and aluminum projects, among others.

If completed, the merger between the two Anglo-Australian miners would be positive for the worldwide mining and steelmaking industry, according to the CVRD CEO, "because what is needed today is higher production, since demand is expected to remain strong in the coming years," he said.

In Brazil, BHP Billiton and CVRD have a 50:50 JV at pellet producer Samarco, while Rio Tinto operates its Corumbá mine in Mato Grosso do Sul state. The three miners combined have more than 70% of the global seaborne iron ore market.