Iron Ore Price Rising Not Falling As A Commodities Rush Develops [Forbes]
Rio Tinto Plc (RIO)
US:NYSE Investor Relations:
riotinto.com/investors-87.aspx
Company Research
Source: Forbes
ore, which is expected to price rather than fall, as had been widely predicted earlier this year. The unexpected upturn has also encouraged mining giant Rio Tinto to push ahead with plans for big new mine in Western Australia with its joint venture partners, the Japanese trading house Mitsui & Co. and a private investor, Angela Bennett. A decision announced earlier today to proceed with a $191 million feasibility study into the Rhodes Ridge mine is a key step in a planning process which is expected to lead a construction start in 2029 and first ore in the earlier 2030s. The new mine will become one of the world's biggest, with an initial production target of between 40 and 50 million tons of high-grade iron ore a year and the potential to grow into a project producing 100m/t a year. Perhaps more importantly, Rhodes Ridge is an example of increasing competition between Asian countries for reliable supplies of minerals and metals. In the case of Rio Tinto, strong demand for ir
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- Rhodes Ridge Joint Venture partners begin $191 million feasibility study on up to 50Mtpa Pilbara iron ore mineBusiness Wire
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