Rio Tinto to develop the Kangwinan bauxite project with US$1.9 billion investment

Rio Tinto plans a $1.9bn investment in the Kangwinan bauxite project in Queensland, Australia, aiming to boost production capacity. Unite Group sold a London academy asset for £40.7m. Elon Musk invested $1bn in Skydance Media. UK regulators proposed easing post-financial crisis rules. A think tank criticized the UK's North Sea wealth fund plans. Meta's AI spending plans led to a $100bn stock value drop. US indices mostly closed lower.

Rio Tinto (RIO) will invest $1.9 billion in the Kangwinan bauxite project in Queensland, boosting annual production capacity by 20 million tonnes. The project, targeting first production in 2029, will extend the life of Weipa Operations and replace ageing mines. It is expected to deliver a 22% internal rate of return, with early works starting in 2025 and construction ramping up in 2027.

Rio Tinto plans a $1.9bn investment in the Kangwinan bauxite project in Queensland, Australia, adding 20Mt of annual capacity by 2032. The project will replace the Andoom mine and support 1,300 construction jobs. It aims to compensate for the Gove mine's 2029 closure and boost Weipa Operations' capacity to 44Mt/year. The investment is expected to deliver a 22% internal rate of return.

Rio Tinto (RIO.AX) 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 aims to replace output from aging mines and increase Weipa Operations' capacity to 44 million tonnes. Construction is set to begin in 2027, creating 1,300 jobs. The investment follows Rio Tinto's recent acquisition of the adjacent Aurukun Bauxite Project.

Rio Tinto plans to invest $2.7 billion in its Queensland bauxite mines, extending production beyond 2050 and adding 20 million tonnes of annual capacity. The Kangwinan project aims to secure the future of its Weipa operations as nearby mines close, according to the company.

Rio Tinto will invest $1.9 billion to develop the Kangwinan bauxite project in Queensland, Australia, boosting its Weipa Operations' annual capacity to 44 Mt by 2032. The project will replace the Andoom mine and compensate for the Gove mine's closure, supporting jobs and supply to customers. Early works began in 2025, with full production expected in 2032.