Rio Tinto Group announced a $1.9 billion investment to expand bauxite mining operations in northern Australia. The company will develop a new major mine at Kangwinan to replace output from depleting Andoom and Gove projects. First ore is targeted for 2029, increasing annual capacity in northern Queensland to 44 million tons from 38 million tons.
The expansion reflects Rio Tinto's long-term commitment to its bauxite business. Jérôme Pécresse, Rio Tinto Aluminium and Lithium Chief Executive, emphasized the project's strategic importance. Last month, Rio Tinto agreed to acquire the nearby Aurukun bauxite project from Glencore Plc and Mitsubishi Development Pty Ltd.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing