Rio Tinto Boosts Iron Ore Output, Ups Spending

Australian mining firm Rio Tinto RIO revealed plans to triple its capital expenditure to around $11 billion. The company also plans to up its iron ore production by more than 50% during the next five years. The boost in production stems from new drilling and a reevaluation of deposits in Western Australia where the company found an extra two billion tons of iron ore reserves. The expansion of the iron ore division should help RIO take advantage of the "growing demand for raw materials to make steel" in China. Continue reading the article.