Rio Tinto (ASX, LON, NYSE: RIO) has spent over $385 million (A$500 million) over the past year to continue developing the Greater Tom Price iron ore operations in Western Australia’s Pilbara region.
The world’s second largest iron ore producer kicked off the Western Turner Syncline Phase 2 expansion in early 2020 and intends to employ more than 1,000 people at peak construction.
The cash injection comes after Rio spent $749 million (A$1 billion) in late 2019 to keep up iron ore production rates in the Pilbara.
The sum allows for the mining of existing and new deposits at WTS2 and includes construction of a new crusher and a 13-km conveyor to help lower greenhouse gas emissions from the mine by 3.5% compared to road haulage.
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