Rio spending $2.2bn on iron-ore supply

Diversified miner Rio Tinto on Monday revealed that it will be spending some $2.2-billion over the next three years on replacement mines for its iron-ore operations in the Pilbara, including initial spending on the proposed Koodaideri, West Angelas and Robe Valley developments. Rio’s iron-ore CEO Chris Salisbury told investors and analysts that the company’s strategy was to optimise its Pilbara assets to deliver value for shareholders.