Mining company Rio Tinto to expand Brazil mine
Rio Tinto PLC, the world's second-largest iron ore producer, said it will spend $2.15 billion on a major expansion of its iron ore mine in Corumba, Brazil, to help meet increasing demand in South America and the Middle East.
The London-based company wants to boost production of iron ore, a key ingredient in steel production, at Corumba more than sixfold, from 2.2 million tons (2 million metric tons) to 14.1 million tons (12.8 million metric tons).
A study will also be conducted into whether the company can expand capacity to 25.6 million tons (23.2 million metric tons) a year, Rio Tinto said in a statement Tuesday.
Output from Corumba is expected to begin in the fourth quarter of 2010 and the study is to be completed by mid-2009.
Rio Tinto Chief Executive Tom Albanese said the Corumba investment is a major step forward in the company's goal of extending its iron ore operations beyond the Pilbara region in Western Australia state.
The company outlined plans last year to more than triple its output of iron ore to 661 million tons (600 million metric tons) to repel a takeover proposal by rival mining giant BHP Billiton Ltd.
BHP Billiton Chairman Don Argus said in a letter released to the Australian stock exchange Wednesday that the company expects international regulators to complete their review of its $147 billion bid for Rio Tinto by the end of 2008.
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