Rio Tinto to Invest $933m in Australian Iron Ore Mine
Rio Tinto will invest $933m in the development of the Mrandoo iron ore mine in the Pilbara Region, Australia, to extend its life to 2030.
The project will extend the mine's life by developing adjacent reserves below the water table.
Rio Tinto Iron Ore and Australia chief executive Sam Walsh said the extension plays an important role in sustaining the Pilbara operation's annual capacity rate, which complements major expansion programmes in the region.
"With a high iron and low phosphorus content, Marandoo's Marra Mamba ore assists in maintaining the Pilbara Blend grade requirements and maximising the value of our integrated Pilbara operations," Walsh said.