Rio Tinto Commits $4.2 Billion to Expand Iron Ore Production

Rio Tinto Commits $4.2 Billion to Expand Iron Ore Production

Ian Waldie/Bloomberg

Rio, which ranks behind Brazil’s Vale SA for iron ore exports, is spending at least $15.6 billion expanding mines and ports. China, the world’s largest steel producer, will boost outputs by 43 percent to one billion tons by 2030 as it continues to urbanize, according to Rio.