Rio Tinto Group (RIO), the third-biggest mining company, said it’s advancing a study into developing an Indian iron ore mine as demand for steel in the country grows.
The world’s second-biggest iron ore exporter is considering an operation to produce an initial 3 million metric tons of the steelmaking raw material, with potential for expansion to at least 20 million tons a year, said Alan Davies, president of international operations for Rio’s iron ore unit.
The proposal is subject to board approval, Davies said in a presentation on Rio’s website.
“We will be the first global miner directly participating in India’s mining sector,” he said.
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