Rio Tinto Expects $3 Billion Saving on Iron Ore Expansion
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Rio Tinto Group, the world’s second-biggest mining company, said it will cost $3 billion less than previously expected to meet its goal of increasing iron-ore production capacity in Western Australia by about 25 percent.
Annual capacity will rise by more than 60 million metric tons between 2014 and 2017 to reach 360 million tons, from a base run-rate of 290 million tons by the end of the first-half of next year, London-based Rio said today in a statement.