Rio Tinto will invest USD 749 million in iron ore mine in Western Australia
Mining company Rio Tinto said Wednesday that it has approved the investment of $ 749 million dollars in capacity expansion in its iron ore business in the Pilbara region of Western Australia.
the Anglo-Australian company said that investment in the mine Western Turner Syncline Phase 2 will facilitate the development of existing and new deposits include the construction of a new crusher, and the construction of a 13 km long pipeline.
a New conveyor system will help to reduce the greenhouse gas emissions of the mine by 3.5% in comparison with road transport, it is told in the message of the company on the stock exchange.
Construction will begin in the first quarter of 2020, and the first ore from the crusher is expected in 2021.
"the Production of high quality ore will support the company's flagship Pilbara Blend, which continues to be the preferred product for base load for the steel plants of China," said Rio Tinto.
the Company said that it is expected that the project will provide an internal rate of return with capital costs of about $ 25 per ton of production capacity.