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Rio Tinto Further Invests in Pilbara Capacity Expansion
08/04/2010 - Rio Tinto is to invest an additional US$790 million in its effort to expand the annual capacity of iron ore operations in the Pilbara to 330 million tonnes, bringing total investment funds approved in recent weeks to US$1 billion.
Rio Tinto is to invest an additional US$790 million in its effort to expand the annual capacity of iron ore operations in the Pilbara to 330 million tonnes. This brings total investment funds approved in recent weeks to US$1 billion.
The Pilbara expansion centers on increasing the Rio Tinto's port at Cape Lambert from its current annual capacity of 80 million tonnes to 180 million tonnes by 2016. This will be achieved through construction of a new 1.8-km jetty and four-berth wharf to run parallel to the existing jetty and four-berth wharf.
Rio Tinto previously announced that it would spend US$200 million on dredging works for the Cape Lambert expansion.
This new investment comprises US$375 million (Rio Tinto share 100% basis) for marine works related to the construction of the new wharf, and US$415 million (100% basis) for the procurement of long lead items such as pile and marine structure and on-shore earthworks and machines.
Rio Tinto is a leading international mining group headquartered in the U.K., combining Rio Tinto plc, a London and NYSE listed company, and Rio Tinto Ltd., which is listed on the Australian Securities Exchange. Its business is finding, mining, and processing mineral resources. Major products are aluminum, copper, diamonds, energy (coal and uranium), gold, industrial minerals (borax, titanium dioxide, salt, talc), and iron ore. Activities span the world but are strongly represented in Australia and North America with significant businesses in South America, Asia, Europe, and southern Africa.
