Reviewing of Iron Ore Projects Reaffirmed by Rio Tinto

.

Reviewing of Iron Ore Projects Reaffirmed by Rio Tinto

Today, the mining giant Rio Tinto reaffirmed that it was in the process of reviewing the potential impact of the Rudd Government's planned super tax on resources on its ongoing Australian projects and new operations.

Sam Walsh, the Rio Tinto Iron Ore Chief Executive, had yesterday taken the wraps off the fact that the company's plans to increase the Pilbara iron ore production capacity from the current 230 million tons per year to 330 million tons by the time 2015 rolls in has now been put on hold because of the newly proposed tax.

"We've got our projects on hold while we try to understand the ramifications of a 40 per cent increase in taxes", he said.

When asked about what projects of the company have been affected by the planned tax, Mr. Walsh said that he currently has a "range of projects, in the iron ore operations".

Mr. Walsh shared that as much as $7.5 Billion worth of projects in Australia have been affected and been put "on hold" across Rio's iron ore, alumina and coal units.


Latest News

Rise in Russian Arms Sales In spite of a Drop Globally
PetSmart Sells itself with an $8.3Billion Deal
Falling Oil Prices Result in a Drop in Stocks
Shares of Amaya Fall Due to Probe Conducted by Securities Regulators
Americans Consumers Display Confidence In the Market with Gain in Sales
It’s Time to Hurry Up to Enrol in the First Phase of Affordable Care Act Health
After Merger with Alliance Boots,	Walgreen CEO will Retire
Falling Fuel Prices Lift Airline Profits But No Respite in Fares Expected
Citigroup to Pay Likely $2.7B as Legal Charge
Michael Jeffries Retires as the CEO of Abercrombie & Fitch
Deutsche Bank in Trouble Again in the U.S. for Alleged Tax Scheme
Popular Demand Brings French Toast Crunch Back on the Shelves