Iron Ore Rewards Rio Tinto

SMH reported the Pilbara iron ore region is keeping Rio Tinto (ASX:RIO) in business with control of two major ports in the area.

As quoted in the market news:

Rio Tinto’s decision to commit another $US3.7 billion to expand its Pilbara iron ore business underlines how extraordinarily lucky Australia is to have the Pilbara, a world-class iron ore province that is on Asia’s doorstep – and how important was Rio Tinto’s $3.5 billion takeover of Australia’s No. 3 iron miner, North Ltd.

Rio CEO Leigh Clifford backed his iron chief, Chris Renwick, in 2000 and outbid Anglo American to take North (Rio’s current iron ore chief, Sam Walsh, was Renwick’s head of operations).

Click here to read the full SMH report.