(Adds details, context on Rio Tinto, share movement)
Oct 1 (Reuters) - Rio Tinto and its joint venture partners, Mitsui & Co 8031.T and Nippon Steel & Sumitomo Metal 5401.T , will spend about $1.55 billion to sustain production capacity at two iron ore projects in Western Australia, the global miner said on Monday.
Rio will invest a total of $820 million to develop the projects at the Robe River Joint Venture in the mineral rich Pilbara region, the Anglo-Australian miner said in a statement.
Rio said the investments would enable it to sustain production of the Pilbara Blend brand of iron ore. subject to approvals, construction of both projects was expected to start next year.
The move comes as Rio has been selling off its coal assets, with a view to focusing on its core commodities, such as iron ore.
The work is expected to create about 1,200 jobs, the miner said. Rio Tinto owns 53 percent of the Robe River Joint Venture.
The company's Australian shares were down about 0.2 percent, in a broader market down 0.6 percent (xjo) .
News: RIO UPDATE 1-Rio Tinto and Japanese parters to invest $1.6 bln in Australian iron ore...
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Last
$115.31 |
Change
-0.130(0.11%) |
Mkt cap ! $42.80B | |||
| Open | High | Low | Value | Volume |
| $115.39 | $116.15 | $114.86 | $81.85M | 709.2K |
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| No. | Vol. | Price($) |
|---|---|---|
| 1 | 81 | $115.21 |
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| Price($) | Vol. | No. |
|---|---|---|
| $115.55 | 79 | 1 |
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| RIO (ASX) Chart |