Rio Tinto Restarts Iron ore Expansion with $400M Investment

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Investing News Network • May 27, 2010

Rio Tinto Ltd (RIO:ASX) has announced the continuation of the Iron Ore Company of Canada (IOC) operations programme to increase its annual concentrate capacity by four million tonnes to 22 million tonnes by 2012.

IOC Chairman and Rio Tinto chief executive, Iron ore Sam Walsh is quoted saying:

“Some uncertainty and potential volatility remain about global economic recovery, but global iron ore and steel markets have rebounded strongly and demand growth looks set to continue.”

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