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11/29/2018, 6:21 AM (Source: TeleTrader)
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Rio Tinto to invest $2.6B in Koodaideri mine

Rio Tinto Group will spend $2.6 billion on the development of what will become its most technologically advanced mine, the mining company announced.

The construction in the Koodaideri iron ore mine in Western Australia will begin next year and is expected to start production in late 2021. Upon completion, it is expected to have an annual capacity of 43 million tonnes. According to the statement, the mine will use "autonomous trucks, trains and drills" and will "implement systems connecting all components of the mining value chain."

"Koodaideri is a game-changer for Rio Tinto. It will be the most technologically advanced mine we have ever built and sets a new benchmark for the industry in terms of the adoption of automation and the use of data to enhance safety and productivity," CEO Jean-Sebastien Jacques said.

Breaking the News / MD