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RIO TINTO COULD DOUBLE SIZE OF HISMELT OPS IN W. AUSTRALIA.
PERTH, May 1 Asia Pulse - Rio Tinto Ltd (ASX:RIO) could double the size of its HIsmelt operation in Western Australia by 2009, as well as construct an additional steel plant, HIsmelt managing director Duncan Price said.
Mr Price, along with Rio Tinto chief executive Leigh Clifford and WA Premier Geoff Gallop, attended a "start of construction" ceremony on Wednesday for the HIsmelt operation in Kwinana, south of Perth.
The executives were in WA ahead of Rio Tinto Ltd's annual general meeting in Perth today.
The A$420 million (US$252 million) stage one of the HIsmelt plant will produce around 800,000 tonnes of pig iron annually, using lower grade and lower value iron ore, such as the higher phosphorous found in WA's Pilbara region.
Rio Tinto has 60 per cent of the HIsmelt joint venture in partnership with US steel maker Nucor Corp 25 per cent, Japanese conglomerate Mitsubishi Corp 10 per cent and Chinese steel maker Shougang Corp five per cent.
Rio Tinto said HIsmelt had the potential to capture growth in fast-growing ...
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Source: HighBeam Research, RIO TINTO COULD DOUBLE SIZE OF HISMELT OPS IN W. AUSTRALIA.