Rio Tinto approves $1.6 bln for new iron ore mine

Rio Tinto (ASX:RIO) has approved $1.6 billion to expand its Hopes Downs iron ore mine project in Australia.

The press release is quoted as saying:

The new open-cut mine will have an annual capacity of 15 million tonnes of high-quality iron ore, with first production anticipated in 2013.

Click here to access the entire press release