""""Let''s stop trying to cut each other off at the legs and let''s cooperate for the good of Australia and the good of our shareholders, Forrest said.

""""We''re a growing economy but what we don''t need to do is spend wasteful, precious investment dollars where we don''t have to because this will just drive up the cost of living right across Australia.

Rio Tinto Ltd iron ore chief executive Sam Walsh who is attending the same meeting said an end to protracted iron ore price negotiations will not be reached in the short term.

Rio Tinto share rises after announcing intentions to increase output in Canada

Rio Tinto''s share rose 5% after approving a $511 million expansion to increase output from its Canadian iron ore division.

Rio Tinto, the world''s third largest miner, approved a 511.14 million expansion of its majority owned Iron Ore Company of Canada, which is expected to increase concentrate output to 22 million tons a year.