Rio Tinto has a plan to expand
By James Regan |
October 21, 2010, Thursday
|
Print Edition
Print Edition
GLOBAL miner Rio Tinto approved a US$3.1 billion iron ore expansion yesterday, staking a claim to become the world's top producer and defying industry concerns over a new Australian mining tax.
Iron ore miners are ramping up production to meet booming demand from Asia, with most of the growth in output set to come from Australia where two of the world's biggest producers, Rio Tinto and BHP Billiton, dominate.
Rio Tinto's move to boost output by 28 percent follows this week's demise of a planned joint venture with BHP Billiton in northwest Australia's Pilbara region. The joint venture was designed to save the companies US$10 billion in costs.
BHP Billiton unveiled a 6 percent rise in quarterly iron ore output yesterday.
The miner is also planning to expand its Australian iron ore operations to meet booming demand in Asia.
Iron ore miners are ramping up production to meet booming demand from Asia, with most of the growth in output set to come from Australia where two of the world's biggest producers, Rio Tinto and BHP Billiton, dominate.
Rio Tinto's move to boost output by 28 percent follows this week's demise of a planned joint venture with BHP Billiton in northwest Australia's Pilbara region. The joint venture was designed to save the companies US$10 billion in costs.
BHP Billiton unveiled a 6 percent rise in quarterly iron ore output yesterday.
The miner is also planning to expand its Australian iron ore operations to meet booming demand in Asia.
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