Rio Tinto Ticks Off On $1B Iron Ore Upgrade At Oldest Mine

Rio Tinto has approved a $1 billion investment to maintain production and drive down costs at its oldest mine in the Western Australian Pilbara region as the company seeks to preserve prosperity once China's demand for iron ore begins to flatten.

The Anglo-Australian mining giant on Wednesday said the investment in the Western Turner Syncline Phase 2 mine, part of the company's Greater Tom Price operations in WA, would support the mining of existing and new iron ore deposits, the construction of a new crusher and a 13-kilometre conveyor.

It will also be used to turn half of its truck fleet into autonomous vehicles at the mine by the end of next year.

(Image by sarangib from PixaBay)