Construction of the US$23 billion Simandou iron ore complex will start this year after the final hurdles for what will be the world's largest mine were cleared.
Rio Tinto plans to ramp up spending on iron ore, notably at the giant Simandou project in Africa, but has scaled back its investment in decarbonisation.
Rio Tinto and its joint venture partners have laid the foundations with the Guinea government to build more than 600 kilometres of new rail lines needed for the mammoth Simandou project.
Ravensthorpe miner First Quantum Minerals has inked a deal under which it will invest up to $651 million for a majority stake in a copper project in Peru with Rio Tinto.
Rio Tinto, Winning International Group and the Guinea government have struck a joint venture in a bid to bring one of the world's largest untapped iron ore resources into operation.
Simon Trott has been appointed iron ore chief executive at Rio Tinto, as part of a shake-up that leaves its management team weighted heavily in favour of its head office in London.
Rio Tinto is considering its options after the Takeovers Panel ruled the mining giant can't use its funding of a clean up of a controversial NT uranium mine to acquire a partially owned subsidiary.
Rio Tinto has approved a $US1.5 billion investment to continue production at its Kennecott copper mine in the US, while also announcing it will limit operations at one of its minerals projects in South Africa, following an attack on two of its employees.
