Rio Tinto ups Aussie investment

Mining giant Rio Tinto has announced plans to invest a further $790m (£495.6m) to expand the annual capacity of iron ore operations in the Pilbara, Western Australia, to 330m tonnes a year. The expansion centres on increasing Rio Tinto’s port at Cape Lambert from its current capacity of 80m tonnes to 180m tonnes by 2016. The world’s second-biggest iron ore miner said the proposed spending brings total investment funds approved in recent weeks to $1bn.