Rio Tinto Ltd (ASX:RIO) is accelerating its iron ore expansion program in the Pilbara.
The miner will spend $US350 million of funding for early works and procurement. A total of $US676 million will be spent by participants in the project.
Engineering work of port and rail infrastructure will be brought forward. Capacity expansion to 333 million tonnes a year is expected to be reached in the first half of 2015. That’s six months earlier than planned.
In the 2010 financial year Rio Tinto recorded a net profit of $14.9 billion.
