I've been at Rio Tinto for 36 years and it's not a bad time to be in the mining industry.

In many cases our operations are producing record volumes, with production records set in iron ore, molybdenum, coking coal, bauxite, alumina and upgraded titanium slag in 2005.

As China's industrial output soars and more than a billion people participate in a transformation of their living standards, the demand for the metals and minerals we produce has expanded rapidly.

The establishment of this joint venture breaks new ground for the mining industry.

The prospects are improving for coal-fired stations. The future is clean. The coal industry can play a great role. It's a great opportunity which we must not lose.

I don't know what to say other than it's about time.