Rio Tinto Approves $3.4 Billion Iron Ore Expansion

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.

Click here to read the full Bloomberg report.