Rio Tinto investing $2.8b to develop Brockman iron ore mine
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The news: Rio Tinto will invest USD1.8 billion ($2.8 billion) to develop its Brockman mine, extending the life of the miner's iron ore operations in the West Pilbara region of Western Australia.
The numbers: The Brockman Syncline 1 mine project will have capacity to process up to 34 million tonnes of iron ore per year, with first ore now scheduled for 2027, having previously been slated for 2028.
Rio Tinto said the construction stage will create around 1,000 jobs, with the project ultimately sustaining a permanent workforce of about 600.
The company's shares were down 2.2% to $114.90 at 3:20pm AEDT.
The context: The project has now received all necessary government approvals to go ahead. Construction will begin this year and includes a new primary crusher and overland conveyor, a non-process infrastructure precinct and a temporary camp for construction workers.
This morning, Rio Tinto's new acquisition Arcadium Lithium stopped trading on the ASX after the lithium chemicals producer's buyout was approved by the Royal Court of Jersey.
The source: ASX
