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04-30-2012, 11:12 PM #1
Rio Tinto to invest $15 b on expansionUndeterred by the continued economic downslide in the West and the crisis in the Euro zone, Australian mining and iron ore giant, Rio Tinto has embarked upon an ambitious but exciting expansion and growth project with an investment of $15 billion over the next five years in areas of new mines and port facilities to respond to the demand from emerging markets like China and India.
The main aim of the programme is to respond to the growing demand from markets like China, Japan, South Korea and India. At the Parker Point port facility of the iron ore giant, there is no sign of global recession having had any impact on the operations of the company which continue unabated with an eye on stepping on the gas in the coming years.
According to the Rio Tinto media advisor, Rebecca Murphy, the company plans to invest over $15 billion in the next five years. The company has drawn up plans to expand its iron operations in the Pilbara in two major stages. The current capacity of 225 million tonnes will be increased to 283 million tonnes by 2013 and to 333 million tonnes per annum by 2015 from 20 mines. “This is an increase of more than 50 per cent of our current capacity and represents the largest integrated mining project in Australian history,” according to Ms. Murphy....being a human...