Rio Tinto: Richard Bay Minerals to Invest $463 Million to Extend Mine Lifetime
April 08 2019 - 01:25PM
Dow Jones News
By Carlo Martuscelli
Rio Tinto PLC (RIO.LN) said Monday that it will go ahead with
$463 million investment in its majority-owned South African
business Richards Bay Minerals.
The company, which owns 74% of Richards Bay Minerals, said the
investment will help prolong operations as ore grade declines at
the projects owned by the business. The funds will be used to open
a new mine that will help sustain the supply of zircon and
ilmenite.
Rio Tinto said it will not take on any additional debt to fund
the investment, which will be the financed using Richards Bay
Minerals' cash flow.
Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com
(END) Dow Jones Newswires
April 08, 2019 13:10 ET (17:10 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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