 |
| Demand for iron ore has been rising on the back of growth in Asian economies |
Rio Tinto agrees $2bn land deal with Aboriginals
Rio Tinto's expansion plans have been boosted by the company securing a major land deal with Aboriginals in Western Australia.
Under the deal, Rio will pay almost $2bn (£1.2bn) over 40 years to owners in return for access to their resource-rich land.
Rio Tinto has been looking to expand its operations and increase its iron ore production in Australia by 50%.
Rio is the world's second-biggest miner of iron ore.
The miner said that it had signed deals with five aboriginal councils, giving it access to almost 70,000 square kilometres of land to explore for iron ore and other minerals.
No comments:
Post a Comment