Anglo-Australian mining giant
Rio Tinto announced plans to invest around $1.35 billion over the next two years to expand its
iron ore operations in Western
Australia's Pilbara region in an effort to meet rising demand for
iron ore.
In line with the investment plan,
Rio Tinto will invest $530 million to increase the annual capacity of its Yandicoogina mine to 52 million tons from the current 36 million tons. A further $690 million will be invested to modernize the company's Dampier port facilities. Moreover, the company will invest $113 million in additional rolling stock.
A
Rio Tinto official stated that with the project regarding Dampier port facilities, the port's capacity will increase to 140 million tons from the current 116 million tons by the end of 2007.
The
investments aim to meet growing demand for
iron ore.