Rio Tinto Limited (ASX:RIO) will commit an extra $US1.3 billion to accelerate the development of its Simandou iron ore project in Guinea.
The global miner will inject $US1.117 billion for early works and procurement and $US211 million for continued studies.
Rio says the funding will position Simandou to deliver its first shipment of ore by mid-2015.
Including the latest funds Rio has committed $US3 billion to Simandou.
Rio says the project is within a province on par with Western Austraia’s Pilbara iron ore region.
In the first half of the 2011 financial year, Rio Tinto posted a net profit of $7.5 billion.
