The global commodities boom which has seen prices for copper, gold and silver reach all-time highs is feeding into basic raw materials such as iron ore, which is expected to price rather than fall, as had been widely predicted earlier this year.
The unexpected upturn has also encouraged mining giant Rio Tinto to push ahead with plans for big new mine in Western Australia with its joint venture partners, the Japanese trading house Mitsui & Co. and a private investor, Angela Bennett.
A decision announced earlier today to proceed with a $191 million feasibility study into the Rhodes Ridge mine is a key step in a planning process which is expected to lead a construction start in 2029 and first ore in the earlier 2030s.
