Regional Business Information for the North West
Rio Tinto to invest further $3.4bn in Pilbara operation
Company Links
8th February 2012
Rio Tinto is to invest a further US$3.4 billion in expansion of its Pilbara iron ore operations in Western Australia. Rio Tinto Iron Ore and Australia chief executive Sam Walsh said "We believe we have the best quality iron ore expansion projects anywhere in the world. 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 per cent 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."
At 9:11am: (LON:RIO) Rio Tinto share price was +91.75p at 3961.25p
Story provided by StockMarketWire.com
