(Bloomberg) — Rio Tinto Group lifted its spending on new iron ore projects in Australia to more than $4 billion with the approval of a replacement mine at a key hub, providing a further sign of the industry’s confidence in demand led by China.London-based Rio will invest $749 million to bring the Western Turner Syncline Phase 2 project into production from 2021, according to a statement Wednesday. It will help extend the life of operations around the Tom Price mine, which began exporting in 1966.While the new project is aimed only at replacing output that’ll be lost from aging pits, …read more
Source:: Yahoo Finance
