Trump to impose 100% tariff on China starting November 1
Investing.com-- Rio Tinto (ASX:RIO), along with partners Mitsui Iron Ore and Nippon Steel (TYO:5401), will invest $733 million to extend the life of their West Angelas iron ore hub in Western Australia’s Pilbara region, the mining giant said on Tuesday.
Rio Tinto’s share of the investment amounts to $389 million. The project, part of the long-running Robe River Joint Venture, has received all state and federal approvals and will develop new deposits to sustain the hub’s 35-million-tonne annual output for years to come.
First ore from the expansion is expected in 2027, Rio Tinto said in a statement.
Sydney-listed Rio shares traded around 1% higher in early trade on Tuesday.
Rio Tinto said the project will use existing processing infrastructure and create about 600 construction jobs, sustaining around 950 operational roles at the site.
Rio Tinto holds 53% of the joint venture, with Mitsui owning 33% and Nippon Steel 14%.