Rio Tinto to build steel complex in Brazil

Rio Tinto to build steel complex in Brazil

Anglo-Australian mining group Rio Tinto reportedly signed a letter of intent with officials from Brazil's Mines and Energy Ministry and the state government of Mato Grosso do Sul to build the $2 billion Polo Minero-Siderurgico de Corumba steel complex. The steel complex in Brazil's Mato Grosso do Sul state will include an expansion of Rio Tinto's Corumba iron ore mine, a pellet plant, a steel factory and a power plant. The capacity of the Corumba mine will be increased to 15 million tons by 2009.