Rio Tinto Ltd. (RIO.AU) said Friday that it has increased its capital expenditure estimate for 2010 to at least US$5 billion, with the potential to rise to US$6 billion, from a previous estimate of around US$2.5 billion.

The diversified miner also reiterated its 2009 capital expenditure target of about US$5 billion and said its net debt at Sept. 30 was US$22.3 billion, down 42% since Dec. 31, 2008.

Chief Executive Tom Albanese said the company will continue its program of cost reduction and debt repayments.

Still, he said Rio Tinto's "renewed strength" will allow it to focus on "disciplined capital expenditure on premier growth options" to position it for an expected recovery in demand growth over the longer term.

-By Ross Kelly, Dow Jones Newswires; 61-2-8235-2957; ross.kelly@dowjones.com