Rio to spend
Source: Agencies |
November 27, 2010, Saturday
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Print Edition
Print Edition
ANGLO-AUSTRALIAN miner Rio Tinto Plc plans to triple its capital expenditure to around US$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 yesterday that new drilling and a reevaluation of deposits in Western Australia state's remote Pilbara region had revealed an additional 2 billion tons of iron ore reserves.
The miner 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 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 world's third-largest miner and second-biggest iron ore exporter said yesterday that new drilling and a reevaluation of deposits in Western Australia state's remote Pilbara region had revealed an additional 2 billion tons of iron ore reserves.
The miner 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 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.
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