Rio Tinto Developing Iron Ore Mine

Bloomberg reported Rio Tinto Group (ASX:RIO) said it’s advancing a study into developing an Indian iron ore mine as demand for steel in the country grows.

As quoted in the market news:

The world’s second-biggest iron ore exporter is considering an operation to produce an initial 3 million metric tons of the steelmaking raw material, with potential for expansion to at least 20 million tons a year, said Alan Davies, president of international operations for Rio’s iron ore unit.

Click here to read the full Bloomberg report.