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.
SYDNEY, Australia (
) --
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
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