Rio Tinto
Rio Tinto (ASX: RIO) is a leading international mining group whose major products include aluminium, copper, diamonds, energy products, gold, industrial minerals (borates, titanium dioxide, salt and talc), and iron ore. Its activities are strongly represented in Australia and North America and there are also significant businesses in South America, Asia, Europe and southern Africa.
Rio Tinto commits US$3.4b to Pilbara iron ore expansion
Wednesday, February 08, 2012 by Angela Kean
Rio Tinto (ASX: RIO) plans on spending US$3.4 billion to undertake a major expansion of its Pilbara iron ore operations.
The mining heavyweight will allocate US$2.2 billion to extending the life of the Nammuldi iron ore mine and US$1.2 billion for Cape Lambert port and rail early works.
As a result of this investment, production capacity of 283 million tonnes per annum in the Pilbara is expected to be reached in the second half of 2013.
The Nammuldi project, which will deliver first ore in the third quarter of 2014, will extend existing mining below the water table, increasing the mine’s life by 14 years, at a production rate of about 16 million tonnes a year.
The Cape Lambert port and rail expansion is in the final Feasibility Study stage and a final investment decision is expected later this year.
This latest investment is part of Rio’s overall proposed capacity expansion to 353 million tonnes per annum by the end of the first half of 2015.
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