Reported 2 days ago
Rio Tinto, alongside partners Mitsui & Co. and Nippon Steel Corp., will invest $733 million to develop new iron ore mines in Western Australia's Pilbara region to sustain the West Angelas hub's production. The West Angelas Sustaining Project aims to maintain iron ore output at around 35 million tons annually, with production expected to begin in 2027 after receiving government approvals. This investment is crucial for addressing declining ore grades and reserves, as Rio Tinto seeks to ensure continuous supply to meet global demand.
Source: YAHOO