13th May 2014 13:37
LONDON (Alliance News) - Rio Tinto PLC Tuesday said its Pilbara iron ore mine in Australia has reached a run rate of 290 million tonnes a year, two months ahead of schedule.
"We are now focused on the next phase of our expansion towards 360 million tonnes per year," Chief Executive Andrew Harding said in a statement. "The infrastructure is on schedule for completion in a little over 12 months and, from a base run rate of 290 million tonnes per year, we have a rapid, low-cost pathway to increase mine production capacity by more than 60 million tonnes per year between now and 2017."
A 283 million tonne per year expansion project was announced for the site in October 2010 and the expansion plan was increased to 290 million tonnes a year in 2012. The infrastructure for the expansion was completed in October 2013.
The next phase, bringing the site to 360 million tonnes a year, is expected to be completed by the end of the first half of 2015 and the company expects the majority of its low-cost growth at the site to be delivered in the next two years.
Rio Tinto shares were down 0.5% to 3,322.50 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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