Rio Tinto Approves $400M Pilbara Expansion

Australian mega-miner Rio Tinto (LSE:RIO,NYSE:RIO,ASX:RIO) said today that it will spend $400 million to expand production in the Australian Pilbara region to 360 million tonnes per annum by 2015.

As quoted in the market news:

A series of low-cost brownfield expansions will bring on early tonnes to feed the expanded infrastructure currently being developed. From a base run rate of 290Mt/a by the end of first half 2014, mine production capacity will increase by more than 60 million tonnes a year between 2014 and 2017. The majority of the low-cost growth will be delivered in the next two years with mine production of more than 330 million tonnes in 2015.

Click here for the full press release by Rio Tinto (LSE:RIO,NYSE:RIO,ASX:RIO)