Rio Tinto Approves $338 Million Iron-Ore Mine Amid Supply Glut

  • Capacity at Silvergrass mine to increase by 10 million tons
  • Mine investment will lower costs at the Australian operation

Rio Tinto Group, the world’s second-biggest mining company, approved a $338 million iron-ore mine development in Australia, expanding a glut that’s more than halved prices for the steel-making raw material in the past five years.

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