Rio Tinto approves $463 million investment in Zulti South

Company News

by Anna Napoli

Rio Tinto (ASX:RIO) has approved the next stage in the development of Richards Bay Minerals (RBM) in South Africa through the construction of the Zulti South project.

The $463 million (Rio Tinto share $343 million) investment will sustain RBM’s current capacity and extend mine life.

RBM currently operates four mines in the Zulti North lease area, a mineral separation plant and smelting facility. It is South Africa's largest mineral sands company.

Rio Tinto has held a 74 per cent stake in RBM since 2012 and manages the operation.

Rio says it has a long history in South Africa, and today’s investment underscores the company's commitment for the coming decades and beyond.

Shares in Rio Tinto (ASX:RIO) closed 1.57 per cent higher at $101.48 yesterday.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.