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Market Watch reports Rio Tinto Ltd. (ASX:RIO) will invest $676 million to speed up its expansion in the iron-ore rich region of Western Australia.
Market Watch reports Rio Tinto Ltd. (ASX:RIO) will invest $676 million to speed up its expansion in the iron-ore rich region of Western Australia.
The market news is quoted as saying,
The miner said capacity expansion of 333 million tonnes per year will now be reached in the first half of 2015, six months earlier than previously forecast. The funding will bring forward engineering work for port and rail infrastructure, without increasing the overall cost of the expansion programme, the firm said. In 2010 Rio Tinto launched a five-year project to increase capacity in the Pilbara by 50%.