To meet the increasing demand of Chinese market, the world's second largest iron ore exporter, Rio Tinto has allocated over 4.2 billion U.S. dollars to expand its business in Australia and New Guinea.

In the document of the company today revealed that it will spend $ 3.7 billion to expand its mining operations in Western Australia to build a new port berths, and an extension of the railway line transporting ore. In order to achieve the company to increase to 353 million tons of iron ore production by 2015 plan.

At the same time, Rio Tinto will spend about $ 501 million for its Guinea Simandou development project with construction of a railway and port facilities.

Rio Tinto said the process of urbanization continues, the company forecast that China's steel production in 2030 will grow 43 percent to 10 million tons. Therefore, the company is slowing down the expenditures of other product areas, to enhance iron ore production capacity.

"We are direct investment projects to be able to create the greatest return for shareholders, and will be able to adapt to any possible macro-economic situation." The company's CEO Tom Albanese said in the document.


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