Global miner BHP Billiton Ltd
(ASX:BHP) says it will spend US$1.73 billion to grow its Western Australian iron ore business.
The investment is the start of the company’s Rapid Growth Project 6 which is aimed at increasing capacity at its iron ore assets in WA to 240 million tonnes a year during calendar year 2013.
The funds will allow early procurement of long lead time items and detailed engineering to continue the expansion of the inner harbour at Port Hedland, progress rail track duplication works and expand the Jimblebar mining operation.
BHP also announced this morning that it has agreed to acquire Athabasca Potash Inc for $357 million.
BHP earned profit of $7.2 billion in the fiscal 09 year.
