Mining giant, Rio Tinto announced that it will be investing $338 million in Pilbara. This move to reinvest will complete the development of Rio Tinto’s Silvergrass iron ore mine.
The final development stage for Silvergrass will include replacing road haulage with a primary crusher and a nine kilometre conveyor that will connect the mining area to Rio Tinto’s existing processing facility in Nammuldi. Ultimately, this investment will help lower the mine’s operating cost.
Silvergrass Mine (source: Australian Mining)
“We are committed to disciplined capital allocation and the approval of the final phase of the Silvergrass development, which is one of the most value-accretive projects across the mining industry, delivers high-quality, low-cost growth that will underpin future returns to shareholders.” – Jean-Sebastien Jacques, Rio Tinto Chief Executive
At this stage, the Silvergrass development is in the process of obtaining the necessary approvals from the West Australian Government.
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Source: Rio Tinto and Australian Mining