Tsuen Wan International: Rio Tinto to sink a further $676 mln into Australian iron ore.

Anglo-Australian mining firm announces further investment into its Australian iron ore operations.
By: Tsuen Wan International
 
June 20, 2011 - PRLog -- Tsuen Wan International has learned that mining giant Rio Tinto plans to invest a further $676 million towards iron ore mining in Australia.

Rio Tinto has announced that it is accelerating its expansion of iron ore operations in northwest Australia by bringing forward a $676 million investment in new equipment and port construction.


The Anglo-Australian firm, the biggest iron ore miner in the resource-rich Pilbara region of Western Australia state, told Tsuen Wan International that its share of the new investment is $350 million, with partners contributing the remainder.


The London and Melbourne-based mining group said the investment will bring forward by six months the five-year goal of increasing iron ore production by 50% to 367 million tons a year.

Rio Tinto believes that the target will now be achieved by the first half of 2015.


Iron ore rivals coal as Australia's most lucrative export. Demand is driven by the burgeoning economies in South-east Asia, led by India and China.


Rio Tinto has finalised land use partnerships with five indigenous groups across the Pilbara region of Western Australia, securing the current and future operations of Rio Tinto’s iron ore business while.


The mining house is also in advanced talks with the four remaining indigenous groups upon whose land the mining or infrastructure operations are situated. Those agreements are expected to be finalised before the end of 2011.

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Tsuen Wan International is a leading independent investment company, based in the heart of Hong Kong. Tsuen Wan International offers a variety of investment products for institutional, corporate and high net worth investors in equity debt and FX markets.
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Source:Tsuen Wan International
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