Kangwinan bauxite project gets US$1.9 billion as Rio Tinto pushes to sustain Australian business

Rio Tinto plans to invest $1.9bn in the Kangwinan bauxite project in Queensland, Australia, to boost production by 20mtpa. The project, set to start output in 2029 and reach full capacity by 2032, aims to secure the future of its Weipa Operations and offset the closure of the Gove mine. The investment is expected to create jobs and maintain a workforce of around 1,500 people.

Rio Tinto and Rondo Energy began engineering work to integrate a 30 MW heat battery at the Yarwun alumina refinery in Australia. The system, funded initially by A$3.6 million from the Australian Renewable Energy Agency, aims to reduce annual CO2 emissions by 67,000 tons if fully executed.

Rio Tinto approved a $1.9bn investment in the Kangwinan bauxite project in Australia, adding 20m tonnes of annual capacity by 2032. The project includes port upgrades to handle larger vessels, aiming to improve shipping efficiency. Analysts at SEB see limited impact on the capesize market due to modest production increases and shorter shipping routes compared to Guinea.

Rio Tinto (LON: RIO) plans to invest $1.9bn in the Kangwinan bauxite project in Queensland, adding 20 million tonnes of annual capacity. First output is expected in 2029, with full production by 2032. The project replaces the Andoom mine and offsets the planned closure of the Gove mine. Rio's shares closed at 6260p yesterday, down 3.42% on the day and 13.46% over a month.

Rio Tinto plans a $1.9B investment to develop the Kangwinan bauxite project in Queensland, Australia. The project aims to add 20M tonnes of annual capacity by 2032, extending the life of Weipa Operations and replacing production from the Andoom mine. The investment is expected to deliver a 22% internal rate of return and create over 1,300 construction jobs.

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.