Rio, BHP, Fortescue plan to spend billions to expand iron ore mines

4th Sept

Australia’s biggest iron ore producers are spending as much as $US10 billion ($12.5 billion) on mines so they can keep pumping out shipments to China as demand from their biggest customer shows little sign of easing.

Led by Rio Tinto, the nation’s top three exporters plan to add about 170 million tonnes of new capacity to replace exhausted mines, and are studying investments in infrastructure and equipment to boost export capacity to their long-term targeted rates.

Source-smh