Rio Tinto Uncovers “Huge” Botswana-based Iron Ore Deposits

Bloomberg reported that according to Charles Siwawa, CEO of the Botswana Chamber of Mines, Rio Tinto plc (ASX:RIO,LSE:RIO,NYSE:RIO) may have found “huge” iron ore deposits in the country.

As quoted in the market news:

The discovery in an area called Werda is thought to be an extension of South Africa’s Sishen deposits, which are mined by Anglo American Plc’s Kumba Iron Ore Ltd., chamber CEO Charles Siwawa said yesterday in an interview in Walvis Bay, Namibia.

‘From the presentations they made to the Botswana government, there are huge iron ore deposits,’ Siwawa said. ‘They might have found a second Sishen.’

Click here to read the full Bloomberg report.