Iron ore majors ramp up supply even as China faces challenges
Iron ore is one of the year’s worst performing major commodities, slumping by almost a quarter as China’s property crisis drags on.
Rio Tinto has announced the re-commencement of its expansion programme in its Iron Ore Company of Canada (IOC) operations. The Board of IOC has approved new investment of US$401 million (Rio Tinto share US$235 million) to increase its annual concentrate capacity by four million tonnes to 22 million tonnes by 2012. Read the full press release at http://www.riotinto.com/media/18435_media_releases_19234.asp
