Rio Tinto Increases Australian Port Investment to $1bn
Mining giant Rio Tinto will invest an additional $790m to expand Cape Lambert port in Australia, bringing the company's total investment in the port to $1bn.
The move follows Rio Tinto's decision to expand its Western Australia iron ore operations in the Pilbara region to 330 million tons.
The company will construct a 1.8km jetty and four-berth wharf to run parallel to the existing jetty and four-berth wharf.
Rio will invest $375m in marine works and $415m for the procurement of pile, marine structure, on-shore earthworks and machines.
Earlier in July, the firm announced it would spend $200m on dredging works for the Cape Lambert expansion.