RIO Tinto has announced it will postpone a $2.15bn iron ore expansion project in Brazil because of the global financial crisis.
The company had hoped to boost iron ore output at its Corumba mine from 2.2Mt to 14.1Mt, ramping up production more than sixfold.
Rio spokesman, Gervase Greene, says the severe market downturn has “clearly impacted on iron ore demand” and caused the plans to be put on hold until the market recovers.
The Corumba project is an open cut operation located in western Brazil which produces high-quality blast-furnace lump and direct reduction products.
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