Rio Tinto ups spending, boosts iron ore output |
| The Associated Press - Nov 26, 2010 |
Anglo-Australian mining company Rio Tinto PLC plans to triple its capital expenditure to around $11 billion next year as it attempts to boost its iron ore production by more than 50 percent over five years.
The world's third-largest miner and second-biggest iron ore exporter said Friday that new drilling and a reevaluation of deposits in Western Australia state's remote Pilbara region had revealed an additional two billion tons of iron ore reserves.
The company is expanding its iron ore division as China shows a growing demand for raw materials to make steel.
The new plans come just a month after Rio Tinto and rival BHP Billiton scrapped plans to form the world's biggest iron ore joint venture after running into regulatory and political opposition to the deal.
The two companies had hoped to save at least $10 billion by combining their operations in the Pilbara, a region rich in iron ore and other minerals but where mining companies spend many millions on rail, ports and other infrastructure.
Read Full Article from The Associated Press
- Posted: 2010-11-26 09:14:15
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