Blue Chip Stocks News Rio Tinto (RIO)

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.

Learn more with a free report.