Rio Tinto Boosts Iron Ore Investment

Rio Tinto said it will invest an additional $1.2 billion to increase annual iron ore production capacity in Western Australia's Pilbara region.
By Joseph Woelfel ,

SYDNEY, Australia (

TheStreet

) --

Rio Tinto

(RTP)

said it will invest an additional $1.2 billion to increase annual iron ore production capacity in Western Australia's Pilbara region.

The mining giant's goal is to raise capacity to 283 million tonnes a year by the end of 2013 from the current 220 million tonnes.

Rio Tinto said Wednesday the capital will be used for "significant expansions" at the Brockman 4 and Western Turner Syncline mines.

Rio Tinto said it has invested $5.1 billion in the Pilbara region since July, while its partners have invested $2.1 billion.

-- Written by Joseph Woelfel

>To contact the writer of this article, click here:

Joseph Woelfel

>To submit a news tip, send an email to:

tips@thestreet.com

.

Loading ...