Rio Tinto to expand Canada Iron Ore

Rio Tinto to expand Canada iron ore operations


Rio Tinto Ltd said that it will put US$293 million for the continued expansion of Iron Ore Company of Canada. Roi Tinto owns 58.7 percent stake of the Canadian company, and Japan's Mitsubishi Corporation owns 26.3 percent. Rio Tinto said it would put forward its three-phased strategy to expand the Iron Ore Company of Canada's annual concentrate production with 50 percent to 26 million tons by 2011.



The company has approved the US$193 million capital expenditure magnetite plant expansion to an annual capacity of 22.8 million tons. It has also approved US$75 million for completion of a feasibility study on the third-phase expansion, to extend annual capacity to 26 million tons and purchase of long-lead items. The management in both companies of Rio Tinto and Iron Ore Company of Canada said the demands of iron ore were still quite strong.