Rio Tinto plans to invest $3.4bn in expanding its Western Australia iron ore operations, including a $1.2 funding of port and rail works to expand the capacity of Cape Lambert port.
This is the first time that the miner has put a price tag on its previously announced plans to expand the Cape Lambert port to a capacity to accommodated 353mt of shipments per year.
The company said it was in the final stages of a feasibility study for the Cape Lambert expansion and would make a final investment decision later this year.