Rio Venture to Spend $733 Million on Australian Iron Ore Hub [Yahoo! Finance]
MITSUI & CO LTD ADR (MITSY)
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Source: Yahoo! Finance
(Bloomberg) -- Rio Tinto Group and partners Mitsui & Co. and Nippon Steel Corp. will spend $733 million on developing new iron ore mines in the Pilbara region of Western Australia to sustain output from the West Angelas hub. Most Read from Bloomberg In Chicago, a Soft Architecture Biennial for Hard Times With Rental Registries, Cities Seek to Close Data Gap With Landlords The West Angelas Sustaining Project will involve mining new areas to keep production at about 35 million tons of the steelmaking ingredient each year, Rio said in a statement Tuesday. The group has received all government approvals and first production should begin in 2027. “The West Angelas hub has been an integral part of Rio Tinto Iron Ore since 2002,” Rio Tinto Iron Ore Chief Executive Officer Matthew Holcz said. “Securing these approvals ensures ongoing investment in the hub as we continue to supply high-quality, reliable iron ore to meet our global customers' demand now and into the future.” Rio is
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