Rio Tinto has said it is committing a further $3.4 billion to the expansion of its Pilbara iron ore operations in Western Australia.
The money will be used to ‘extend the life of the Nammuldi mine’, increase capacity at Cape Lambert port and to complete rail works needed for the expansion of the port.
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 works and plans remain subject to a number of joint venture and regulatory approvals, including environmental clearances, which are expected later this year.