Rio Tinto has spent more than US$385 million (A$500 million) in the past year to continue developing the Big Tom Price iron ore business in the Pilbara region of Western Australia.

The world's second-largest iron ore producer started the second phase of the Western Turner Syncline expansion in early 2020 and plans to hire more than 1,000 employees during the peak construction period.

Previously, Rio Tinto spent US$749 million (A$1 billion) to maintain Pilbara iron ore production at the end of 2019. The money is used to mine WTS2’s existing and new deposits, including the construction of a new crusher and a 13-kilometer conveyor to help reduce the mine’s greenhouse gas emissions by 3.5% compared to road transportation.

Rio Tinto said that the first mining of the second phase of the Western Turner Syncline new deposit is expected to take place in the second half of 2021.

The Prime Minister of Western Australia, Mark McGowan, welcomed the news. He said: “The Pilbara region is the country’s engine room. Thanks to the strong management of this epidemic in Western Australia, we can expect more job creation projects to come online in the next few years.”

The Big Tom Price production center includes Tom Price, the first phase of the Sitner Syncline and the second phase of the Sitner Syncline satellite hub. Rio de Janeiro Tinto started to develop the second phase of the Citna Syncline in 2014, and began to consider expansion plans in 2019.

As the price of iron ore, the most important commodity, climbed nearly 85% in 2020, reaching a 9-year high of US$175 per ton, Rio de Janeiro Mining Corporation issued the largest dividend in its 148-year history to investors in February.

Steelmaking components account for approximately 90% of the company's profits.Editor/Huang Lijun