Rio Tinto reinvests $338m in Pilbara
Mining giant, Rio Tinto announced that it will be investing $338 million in Pilbara. This move to reinvest will complete the development of Rio Tinto’s Silvergrass iron ore mine.
The final development stage for Silvergrass will include replacing road haulage with a primary crusher and a nine kilometre conveyor that will connect the mining area to Rio Tinto’s existing processing facility in Nammuldi. Ultimately, this investment will help lower the mine’s operating cost.
Silvergrass Mine (source: Australian Mining)
“We are committed to disciplined capital allocation and the approval of the final phase of the Silvergrass development, which is one of the most value-accretive projects across the mining industry, delivers high-quality, low-cost growth that will underpin future returns to shareholders.” – Jean-Sebastien Jacques, Rio Tinto Chief Executive
At this stage, the Silvergrass development is in the process of obtaining the necessary approvals from the West Australian Government.
Watch this space for more updates on this project. Subscribe to the PlantMiner newsletter today and receive industry news and project updates straight to your inbox.
Source: Rio Tinto and Australian Mining
Related Articles
$33.8m investment to upgrade Bundaberg station and Burnett River rail bridge QLD
The Wide Bay rail network in Queensland is up for an upgrade, with approximately $33.8 million invested to get two projects underway. These projects will support the growing number of people using Bundaberg station - Queensland Rail’s most popular station.
$338m Coburn mineral sands project in WA ready to begin construction
Strandline Resources has reached a Final Investment Decision (FID) for the development of the $338 million Coburn mineral sands project located in Western Australia's Gascoyne region and the project is now ready to commence construction.
East Brisbane gets $33m investment for road upgrades
East Brisbane is also set to benefit from a number of congestion-busting road upgrades, with a $33 million investment from the Australian Government. This is in addition to the $80 million invested towards road project in Brisbane’s north.