• Inside Labour

    Without radical policy change SA's social fabric will continue to fray, says Terry Bell.

  • Long live your gadget

    Real gadget protection tends to cost real money, writes Arthur Goldstuck.

  • Taking SA for a ride

    The ANC seems to think all South Africans are idiots, says Mzwandile Jacks.

Data provided by iNet BFA
Loading...
See More

Rio Tinto pumps $3.4bn into Pilbara

Feb 08 2012 08:12 AFP

Related Articles

Mozambique slams foreign mining firms

Rio accepts Chinese offer for Kalahari

Rio Tinto iron ore output flattens

Global mining splurge in 2011

Rio Tinto to sell aluminium assets

BHP sells titanium unit to Rio

 

Sydney - Anglo-Australian miner Rio Tinto on Wednesday said it will pump a further $3.4bn into expanding iron ore operations in the Pilbara region of Western Australia to meet strong demand from Asia.

The mining giant, which posted record iron ore production of 65 million tonnes in the fourth quarter of 2011, said it was aiming to increase operations in the Pilbara by 50%.

"We believe we have the best quality iron ore expansion projects anywhere in the world," said Rio Iron Ore and Australia chief executive Sam Walsh.

"They are high return, low-risk investments that are highly value-adding for shareholders.

"Today we are announcing another significant milestone in our drive towards a more than 50% increase in the size of iron ore operations in Western Australia.

"The programme remains on track and we are bringing new iron ore production on stream at a time when demand from Asian markets is forecast to grow strongly, while industry supply growth remains constrained."

The investment comprises $2.2bn on work to extend the life of its Nammuldi mine and $1.2bn on early works needed for the expansion of the Cape Lambert port and rail facilities.

The project would increase production capacity to 283 million tonnes of iron ore per annum by the second half of 2013, Rio said.

Rio Tinto's key rival BHP is also investing huge sums of money in beefing up mining capacity in the Pilbara, recently announcing a further $917m in pre-commitment funding to ramp up its iron ore operations.

rio tinto  |  iron ore
NEXT ON FIN24X

Implats mulls mechanisation

2014-08-29 06:00

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

“Hippie sense makes business sense,” an entrepreneur said, adding that "purpose" was core to success.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...