Rio Tinto Continues Iron Ore Development Plans
Rio Tinto recently announced is taking the next steps in its phased investment program by committing $4.2 billion (100% basis $6.2 billion) to develop its tier-one iron ore business. The investment covers $3.7 billion (100% basis $5.2 billion) for expansion of the industry-leading Pilbara iron ore operations in western Australia, as well as $501 million (100% basis $1 billion) for further infrastructure development at the Simandou iron ore project in Guinea.
“We are directing investment to projects that will generate the most attractive returns for shareholders and are resilient under any probable macroeconomic scenario,” said Tom Albanese, chief executive. “Our superior Pilbara iron ore business has one of the highest margins in the industry, low capital intensity of investment and a strong track record of completing projects on time and budget.”
For additional information, visit www.riotinto.com.