Rio Tinto approves $3.1bn iron ore expansion, despite possible mine tax

Mineweb.com reports that Rio Tinto ( NYSE:RIO) ignored concerns in the industry over possible Australian mine tax, and approved a $3.1bn iron ore expansion.

The story is quoted as saying:

Rio Tinto’s announcement, combined with BHP Billiton’s (NYSE:BHP)  production surge, eclipsed news reports on Wednesday that suggested they and other miners risked being double-taxed under Australia’s proposed 30 percent tax on iron ore and coal.

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