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Bloomberg reported Rio Tinto Group (ASX:RIO) and partners approved a $3.4 billion expansion of its iron ore operations in Western Australia.
Bloomberg reported Rio Tinto Group (ASX:RIO) and partners approved a $3.4 billion expansion of its iron ore operations in Western Australia.
As quoted in the market news:
Rio will spend $2.2 billion to extend the life of the Nammuldi iron ore mine in the state’s Pilbara region to increase output capacity to 283 million metric tons a year, the London- based company said today in a statement. A further $1.2 billion will be invested on initial work for port and rail at Cape Lambert, needed to boost capacity to 353 million tons, it said.
