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(Sharecast News) - Rio Tinto will invest $1.9bn in the Kangwinan bauxite project in Queensland, Australia, adding 20m tonnes of annual production capacity as it looks to maintain its position as a leading global bauxite producer and replace ageing facilities.
First output is targeted for 2029, with full production expected by 2032. The project will replace output from the Andoom mine and help offset the planned closure of the Gove operation, increasing annual capacity at Weipa Operations to around 44m tonnes.
The investment is expected to support more than 1,300 construction jobs and sustain long-term operations in the region.
Reporting by Frank Prenesti for Sharecast.com
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