Giant Australian iron ore producer Rio Tinto has announced an investment of US$230 million to implement Dampier Port expansion works that will result in an additional five million tons annual capacity, taking total the annual capacity in Australia's Pilbara region to 230 million mt per annum in Q1 2012.
This investment is in addition to US$91 million approved in early 2010 for a first 5 million mt expansion to 225 million mt per annum capacity, which is currently in implementation.
Rio Tinto chief executive, Iron Ore and Australia, Sam Walsh said, "This investment will demonstrate our ability to bring incremental capacity on line at very low capital cost and without disrupting existing operations or schedules. This incremental capacity will add substantial value and will position our integrated Pilbara operations well as we finalize plans on how best to move to a 330 million mt per annum capacity and beyond."