Rio Tinto in $3.1bn expansion

first_img Global miner Rio Tinto approved a $3.1bn (£1.9bn) iron ore expansion, staking a claim to become the world’s top producer and defying industry concerns over a new Australian mining tax.Iron ore miners are ramping up production to meet booming demand from Asia, with most of the growth in output set to come from Australia where two of the world’s biggest producers, Rio Tinto and BHP Billiton, dominate.Rio Tinto’s move to boost output by 28 per cent follows this week’s demise of a planned joint venture with BHP Billiton in northwest Australia’s Pilbara region aimed at saving the companies $10bn in costs. Wednesday 20 October 2010 2:49 am John Dunne BHP Billiton unveiled a six per cent rise in quarterly iron ore output on Wednesday and is also planning to expand its Australian iron ore operations to meet booming Asian demand.Rio Tinto’s announcement, combined with BHP Billiton’s production surge, eclipsed news reports on Wednesday that suggested they and other miners risked being double-taxed under Australia’s proposed 30 per cent tax on iron ore and coal. whatsapp Share center_img Tags: NULL whatsapp Show Comments ▼ Read This NextThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayotRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap Rio Tinto in $3.1bn expansion last_img read more