Rio Tinto approves US$1 billion Hope Downs 4
- Publishing Date
- 31 Aug 2010 1:40pm GMT
- Author
- Mining Journal
Rio Tinto will spend about US$1 billion on a new iron-ore mine in Australia, a joint venture with Gina Rinehart’s Hope Downs Iron Ore Pty.
The Hope Downs 4 mine will cost US$1.2 billion to develop, with Rio paying US$607 million and Rinehart’s company the balance, the London-based company said in a statement. Rio will also spend US$425 million on rail, rolling stock and power infrastructure.
Rio’s Chief Executive Officer Tom Albanese is boosting spending by 50% to US$13 billion over the next 18 months after reporting this month a surge in profits. Hope Downs 4 is part of an expansion of annual iron ore output capacity to 330Mt by 2015 from 225Mt now, Rio Tinto said.
Hope Downs 4 highlights Rio’s “ability to offer customers a reliable long-term source of high-quality iron ore,” Rio Tinto’s head of iron ore Sam Walsh said in the statement. The new mine will produce 15Mt/y of iron ore from 2013.
Ms Rinehart is Australia’s richest woman, and Hope Downs Iron Ore is her closely-held company.
Aug 30 (Bloomberg)
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