Despite recent talk †by many of†our†biggest mining companies of reductions in future investment in Australia due to lower commodity prices, the European economy and China`s slow down, Rio Tinto has committed an extra $3.7 billion for projects in the Pilbara region of WA, where they are looking at long-term growth.
The bulk of the money will be spent building new berths at Rio’s Cape Lambert port, as well as duplicating rail lines and building a new gas-fired power† station at the port.
Pilbara Mining Jobs
“Today`s announcement is in line with our long-held strategy of investing in and operating long-life, low-cost, tier one assets, and consistent with our view of the economic outlook,”Ě Rio chief executive Tom Albanese said in a statement.
This spending will include expansion of an existing mine and rail and port development †to cater for an†increased production target.