Rio Tinto invests another 1.2 billion dollars in Australia

1st December 2010, Comments 0 comments

Mining giant Rio Tinto on Wednesday said it planned to invest a further 1.2 billion dollars (916 million euros) as part of a massive iron ore mining project in Western Australia.

It brings the Anglo-Australian miner's planned investment in Western Australia's Pilbara region to 7.2 billion dollars since July.

"Rio Tinto has approved a further 1.2 billion US dollar investment in its drive to lift annual iron ore production capacity in Western Australia's Pilbara region to 283 million tonnes per annum (Mt/a)," it said in a statement.

"The capital will be used for significant expansions at the Brockman 4 and Western Turner Syncline mines.

"This latest development is part of Rio Tinto's broader plan to expand capacity by more than 50 percent over the next five years to 333 Mt/a, which is the largest mining project in Australian history," it added.

© 2010 AFP

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