Australian mega-miner Rio Tinto (LSE:RIO,NYSE:RIO,ASX:RIO) said today that it will spend $400 million to expand production in the Australian Pilbara region to 360 million tonnes per annum by 2015.
Articles Tagged "rio tinto"
Rio Tinto (LSE:RIO,NYSE:RIO,ASX:RIO) has sold its Borborema iron ore project in Brazil to Australian company Latin Resources (ASX:LRS), MINING.com reported.
Now may be the time to take another look at iron ore companies as an investment, with many making major gains over the last 3 months.
Iron ore has had a pretty good run this year, but the market is awaiting an onslaught of new product from Australia, Brazil and India, which is likely to push the price down.
The world's second-largest iron ore producer is ramping up production and lowering its costs, which could threaten smaller producers of the steelmaking commodity.
Rio Tinto (LSE:RIO, NYSE:RIO) began loading the first iron ore from its expanded Pilbara operations in Western Australia, News.com.au reported on Tuesday.
The Australian reports that Rio Tinto's Simando iron ore mine in Guinea is likely to miss its 2015 production date by at least three years.
The Chinese steelmaking sector is improving, which has put upward pressure on iron ore prices.
The move is being seen as a further indication of the Chinese government's willingness to loosen its control over the iron ore trade.
Costly iron ore projects are moving forward despite the metal's lagging price.