Posted in | News | Iron Ore | Mining Business

Rio Tinto to Re-Start Australian Investment

Rio Tinto seems reassured enough by the federal government’s changes to the proposed new mining tax (MRRT) to begin investing in Australian mines again.

Tom Albanese the CEO of Rio Tinto said that while the changes to the mining tax are not perfect they do allow the company to make investments in the country.

He said that they wanted to have the ability to continue to invest in Australia. The global mining giant had frozen all fresh investment in the Australian mining industry due to the uncertainty surrounding the mining tax. Last week they made the first announcement of fresh investments in Australia.

They intend to spend $13 billion over the next 18 months thanks to the strong demand of iron ore products by China. Despite the global economic uncertainty and the delays over the MRRT the company has generated over $10 billion cash flow over the last six months.

The strong, long term positive trend for Asian demand of products that Rio Tinto produces has seen to that. Mr Albanese said Rio would like to increase its Pilbara iron ore operations from 220 million tonnes to 330 million tonnes in the next five years and further past 2016.

Joel Scanlon

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Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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