Rio's ore-some target
10th Feb 2012
LONDON, Feb 10 – Rio Tinto has backed its confidence in global commodity markets by bringing forward the target date for the expansion of its Pilbara iron ore operations in Australia to 353Mtpa.
Chief executive Tom Albanese says the company is on track to increase the capacity of its low-cost iron ore operations in Western Australia by over 50% by the first half of 2015, six months earlier than previously planned.
The massive growth program will ensure Rio is placed to capture the world's growing demand for steel, he says.
Rio’s Pilbara operations are currently capable of handling 225Mtpa, but will reach 230Mtpa capacity at the end of the March quarter when the $284M project to debottleneck the Dampier port is completed.
Capacity will rise again to 283Mtpa in mid-2013 with the completion of a $990M program of dredging and other works at the Cape Lambert port.
The company is due to give final approval late this year to the $1.2B further expansion at Cape Lambert to reach the 353Mtpa target, although funding for early works has already been okayed.
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- VIEW FROM THE WEST END
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