MELBOURNE, Aug 7 (Reuters) - Rio Tinto (RIO) was able to reach high grade iron ore worth about $135 million with the blasting of two sacred caves in Western Australia, the miner's chief executive told a senate enquiry on Friday.
The company had four options for its mine plan and chose the most valuable one.
"The difference between option 4 and the other three options was in the vicinity of 8 million tonnes of high grade iron ore. The economic value at the time of the decision ... was around $135 million of net present value," Rio Tinto CEO Jean-Sébastien Jacques said.
News: RIO Rio Tinto says caves blast was worth $135 mln in high grade iron ore
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