AusRAIL, Market Sectors

Rio pumps another $150m into iron ore production

<p>Rio Tinto will spend another $150m upgrading its rail infrastructure in the Pilbara to help boost iron ore production from its interests in the region.</p> <p>The $150m is Rio’s contribution to a nearly $300m package put together by Rio and its Robe River iron ore partners to dual track a significant part of the Hamersley Iron rail line.</p> <p>Hamersley Iron, another Rio subsidiary, will spend a further $61m to upgrade the power infrastructure in the Pilbara. </p> <p>This comes on top of the $1.1bn Rio has already committed to upgrading Hamersely Iron’s rail, port and mine capacity over the next two years.</p> <p>In a statement to the Australian Stock Exchange, Rio said it is targeting 180m tonnes of iron ore production annually once the upgrade projects are completed late in 2005.</p> <br />