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Gold/Mining/Energy : Mining News of Note

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To: LoneClone who wrote (31034)	1/11/2009 8:34:59 PM
From: LoneClone	Read Replies (1) of 193970

Rio shelves Brazilian iron ore expansion January 12, 2009 - 12:24PM business.smh.com.au Rio Tinto has indefinitely postponed the $US2.15 billion ($3 billion) expansion of its iron ore mine in Corumba, Brazil, as world steel production drops in the face of global economic growth stalling. A Rio Tinto spokesman said on Monday employees and contractors had been informed of the decision to postpone the expansion, which would have boosted annual capacity at the mine more than six-fold to 12.8 million tonnes from 2 million tonnes. Rio shares were down $2.51, or 5.7%, at $41.42 in midday trade. The expansion was announced last July before the resources boom fizzled. First production from the expansion had been slated for the fourth quarter of 2010. Rio Tinto said on December 10 it would cut 13% of its workforce, slash capital spending by more than half and sell more assets as it seeks reduce nearly $US40 billion of debt and battled with a collapse in commodity prices. At the time, it did not make any specific statement about individual projects such as the Corumba expansion. Chief executive Tom Albanese signalled last month that Rio Tinto would provide more detail of the cut-backs and asset sales when the group released its annual earnings results on February 12. Ahead of the earnings report, Rio Tinto will release its fourth-quarter production and exploration report on Thursday.

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