LONDON (AP) -- Anglo-Australian miner Rio Tinto PLC says it has approved a $277 million expansion of operations at its subsidiary Iron Ore Company of Canada and a $933 million investment to extend the life of a key mine in Australia.
The expansion to IOC's operations announced Tuesday will boost iron ore concentrate production at the Canadian unit to 26 million tons, or 40 percent, per year. It is the second phase of a planned three-stage expansion. Rio Tinto's share of the new investment is $163 million.
The separate investment in the Marandoo iron ore mine in Western Australia's Pilbara region will extend its life by 16 years to 2030. Rio Tinto owns the mine outright.
Rio Tinto shares are up just 0.04 percent at 4,627 pence ($74.58) on the London Stock Exchange.
The expansion to IOC's operations announced Tuesday will boost iron ore concentrate production at the Canadian unit to 26 million tons, or 40 percent, per year. It is the second phase of a planned three-stage expansion. Rio Tinto's share of the new investment is $163 million.
The separate investment in the Marandoo iron ore mine in Western Australia's Pilbara region will extend its life by 16 years to 2030. Rio Tinto owns the mine outright.
Rio Tinto shares are up just 0.04 percent at 4,627 pence ($74.58) on the London Stock Exchange.