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4/9/2019, 1:10 AM (Source: TeleTrader)
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Rio Tinto to invest $463M in its S. African production

Rio Tinto Group approved a $463 million investment in the development of its South African production Richards Bay Minerals where it produces titanium dioxide and a couple of other minerals, media reported.

According to the reports, the investment, self-funded from RBM's cash flows, will go into the construction of a new mine Zulti South. The construction is expected to start in mid-2019 and first commercial production is expected in 2021.

"Rio Tinto has a long history in South Africa, and today’s investment underscores our commitment for the coming decades and beyond. The long-term fundamentals of the market remain strong, and production from Zulti South will commence in time to fill a widening supply gap, ensuring RBM’s position as a leader in the sector, and delivering strong returns to our shareholders," Rio Tinto's chief executive Jean-Sebastien Jacques said.

Breaking the News / KP