Rio Tinto (RIO) is one of the major movers on the ASX. It also well known as one of the world’s largest miners, mining and processing a wide range of metals and minerals including all the key base metals, precious metals, diamonds, iron ore and energy products.
RIO is set to invest US$803 million in order to ramp up its Argyle Diamond Mine project in WA.
The project will transition from a current open pit operation to an underground facility which will be operational in 2013.
Construction activity will ramp up in the 1H11, with a target production rate of 9 million tonnes per year within two years.
Argyle is among the biggest diamond mines in the world, and is a supplier to the Japan, Southeast Asia and US markets.
Australian stock price for RIO closed 0.2% lower yesterday to settle at $75.15 a share.
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