Rio Tinto and China state buyer agree deal on iron ore supplies — Bloomberg

Rio Tinto (RIO) announced a $1.9B investment to develop the Kangwinan bauxite project in Australia, aiming to expand its Weipa operations and maintain its market position.

Rio Tinto plans to invest $1.9 billion in a new bauxite mine in Weipa, Australia, to secure aluminum supply and avoid potential shortages in the early 2030s. The project aims to replace output from the Andoom and Gove mines, mitigating potential price impacts on aluminum products.

Rio Tinto plans a $1.9 billion investment in the Kangwinan bauxite project in Queensland, Australia, to replace output from its ageing Andoom mine and increase annual production capacity to 44 million tonnes by 2032. The project, targeting first output in 2029, will support the company's Weipa operations and offset the 2029 closure of the Gove mine. This follows Rio's agreement to acquire the adjacent Aurukun Bauxite Project.

Rio Tinto plans to invest $1.9 billion in the Kangwinan bauxite project in Queensland, Australia, to support its Weipa operations. The project aims to start production in 2029, replacing the Andoom mine and increasing annual capacity to 44 million metric tons. It will also offset the closure of the Gove mine in 2029, according to the company.

Rio Tinto plans to invest $1.9 billion in the Kangwinan bauxite project in Queensland, Australia, adding 20 million tonnes of annual production capacity by 2032. The project will replace output from the Andoom mine and compensate for the end of Gove mine production. Construction is set to begin in 2027, with an expected internal rate of return of 22%.

Rio Tinto plans to invest $1.9 billion in the Kangwinan bauxite project in Queensland, Australia. The project aims to develop bauxite resources in the region. The company's shares have seen a 5-day change of -3.42% and a year-to-date change of -9.58%.