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Rio Tinto to invest 991 mln usd to boost output at Australian coal mine
12.16.07, 9:57 PM ET
SYDNEY (Thomson Financial) - The world's third-largest miner, Rio Tinto, said Monday it is planning to invest 991 million US dollars to ramp up production at its Kestrel Mine in the Bowen Basin in central Queensland to meet fast-growing global demand for higher quality metallurgical coal.
Rio said the investment will extend the life of the mine and increase production to an average of 5.7 million tonnes of coal a year until 2031, compared with about 4 million tonnes currently.
The extension is subject to government approvals.
'This represents a further 20-year commitment to the Bowen Basin and is a strong vote of confidence in the Asian coal market,' said Preston Chiaro, chief executive of Rio's energy division, in a statement.
'The extension will enable us to tap into 112 million tonnes of high quality hard and semi-hard coking coal and thermal coal for export.'
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