Rio Tinto To Invest $1.9 Bln In Queensland 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.

Rio Tinto (RIO.N) plans to invest $1.9 billion in the Kangwinan bauxite project in northern Australia, aiming to replace production from depleting mines. The project is expected to increase annual capacity to 44 million mt by 2029, according to the company.

Rio Tinto PLC and Ltd will invest USD1.9 billion in the Kangwinan bauxite project in Queensland, Australia. The project aims to add 20 million tonnes of annual bauxite production capacity by 2032, replacing output from the Andoom mine. Construction is set to ramp up in 2027, supporting 1,300 jobs. Shares in Rio Tinto fell 2.2% to AUD147.05 in Sydney on Friday morning, according to the company and Alliance News.

Rio Tinto announced a $2.7b investment in the Kangwinan bauxite project in Queensland, Australia, to add 20m tonnes of annual capacity. Shares fell 2.6% to $146. First output is expected in 2029, with full production by 2032. The project will replace the Andoom mine and expand Weipa operations to 44m tonnes/year.

The ASX declined as mining stocks fell, despite gains in banking. Rio Tinto announced a $1.9 billion investment in a bauxite project, which may impact its dividends and buybacks. Energy shares also fell despite supportive factors, highlighting broader market trends.