Rio Tinto (ASX: RIO, LSE: RIO, NYSE: RIO), one of the world's largest iron ore producers, plans to invest $2 billion (10,000 crore) in an iron ore project in the Indian state of Orissa.
According to Rio Tinto, this investment is intended to supply clients in India and overseas with the steel making material and it will be Australia's largest investment in India so far.
Rio Tinto currently has a 51:49 joint venture with Odisha Mining Corporation (OMC) for the project, which covers three iron ore deposits - Sakradihi Dubna, Malangtoli and Gandhamardan in the mineral-rich state, with a total reserve of about 3.6 billion tonnes.
The company expected annual iron ore production capacity to increase by 15 million metric tons within a short period.
Indian mining companies are having difficulties in meeting the growing demand due to the iron ore mining ban in Karnataka state and the court order restricting the iron ore mining volume of state-owned National Mineral Development Corporation (NMDC) to 1 million mt per month.
豫公网安备41010502003434号