Rio Tinto $RIO (-0,1%)
$RIO (-0,43%) has officially opened its newest iron ore mine, Western Range. The Premier of Western Australia, Roger Cook, and the Federal Minister for Resources, Madeleine King, joined the traditional owners of Yinhawangka and senior representatives from Rio Tinto and joint venture partner China Baowu Group (Baowu) to celebrate the milestone.
Western Range has a production capacity of up to 25 million tons of iron ore per year and could sustain the existing Paraburdoo mining hub for up to 20 years.
The 2 billion dollar project1, a joint venture between Rio Tinto (54%) and Baowu (46%), was completed on time and on budget. It included the construction of a primary crusher and an 18-kilometer conveyor belt system connected to the existing processing plant in Paraburdoo.
The new mine provides stability for Paraburdoo's more than 880 stationary and FIFO employees.
It also supports the continued viability of the town of Paraburdoo and strengthens the Western Australian and national economy through royalties and taxes.
Yinhawangka Aboriginal Corporation Chief Executive Robyn Hayden (nee Tommy) and Yinhawangka Traditional Owners attended the launch along with Premier Cook, Minister King, Baowu Group Chairman Hu Wangming, Baowu Resources Chairman Shi Bing, Rio Tinto Chief Executive Jakob Stausholm, Rio Tinto Iron Ore Chief Executive Simon Trott and other government and joint venture representatives.
