Rio Tinto to invest $2.15 bln in Brazil iron ore mine

0 Comments | AFP, July, 2008

SYDNEY (AFP) — Anglo-Australian mining giant Rio Tinto announced Wednesday that it will invest 2.15 billion US dollars in a major expansion of its iron ore mine in Corumba, Brazil.

The investment would boost annual capacity of the mine more than five-fold from 2.4 million tonnes a year to 12.8 million tonnes, with new production starting in the fourth quarter of 2010, the company said in a statement.

Rio Tinto will also undertake a feasibility study for a further expansion that would take annual capacity to 23.2 million tonnes.

The expansion of Corumba would capitalise on increasing demand for iron ore in South America and the Middle East and increase Rio Tinto's presence in Europe, the company said.

"This is a very significant step forward in our...