A bit like reformed alcoholics walking past the bar, companies that dig stuff out of the ground for a living just can't help themselves:
As soon as the hangover of collective over-spending at the top of the previous cycle has cleared, they go back for more.
Just a few days after BHP announced approval of a US$3.2bn iron ore project in WA, RIO today announced it is spending ~US$2.2bn on new projects over the next 3 years (Note that is US$2.2.bn figure reflects only "initial spending on RIO's Koodaideri, West Angeles and Robe River developments", so the final figure will be somewhat larger than US$2.2bn.)
So, that's US$6bn - and more likely closer to $7bn - is new'y-committed iron ore projects in WA.
Looks like MND's 2019 to 2021 revenues and earnings have just been underwritten.
(For more info, refer Resource and Mine Development, on second page:
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