Anglo-Australian mining group Rio Tinto has announced a $475 million project directed toward the increase of iron ore production capacity to 22 million metric tons per annum at its Canada-based facility Iron Ore Company of Canada (IOC).
The investment in question is the first phase of IOC's capacity expansion program which may see a 50 percent increase in the company's production by 2011.
The decision regarding the remainder of the expansion program, which is currently undergoing feasibility studies, is expected to be taken later this year. Rio Tinto plans to further increase IOC's annual production capacity to more than 25 million metric tons of iron ore and also to increase the company's annual pellet production to 14.5 million metric tons as a result of the later stages of its investment program.