Rio to invest $1.1b in Australian, US mines
Tuesday, 18 December 2007
SYDNEY, Dec 17 (Reuters): Rio Tinto said it was to invest US$1.1 billion expanding mines in Australia and the United States, as it looks to internal growth to fight off an unwanted approach from rival BHP Billiton.
Rio said it would spend $793 million as its 80-per cent share of the cost to extend the Kestrel coal mine in Australia.
Rio also said it was to invest $300 million developing Eagle, a high-grade nickel and copper mine in Michigan, United States, projected to deliver 16,000 tons of nickel per year over seven years until 2016.
Rio said it would spend $793 million as its 80-per cent share of the cost to extend the Kestrel coal mine in Australia.
Rio also said it was to invest $300 million developing Eagle, a high-grade nickel and copper mine in Michigan, United States, projected to deliver 16,000 tons of nickel per year over seven years until 2016.