Rio sees big growth for iron oreThe West Australian September 1, 2011, 11:48 am tweet0EmailPrintThe West Australian ?
Global iron ore production growth will need to be at a rate of at least 100 million tonnes per annum over the next eight years to meet rising demand, mining giant Rio Tinto says.
This represents a staggering increase in demand, David Joyce, managing director of Rio Tinto Iron Ore expansion projects, said in a speech to be delivered to the Africa Down Under mining conference in Perth.
Mr Joyce said many African nations were well placed to meet demand growth.
"As markets like China, India, Indonesia, Vietnam and countries in Africa and South America continue to industrialise and urbanise, we will see an increase in demand for better housing, cars, infrastructure and mobile phones," Mr Joyce said.
"The level of metal intensity per capita will increase with this development and urbanisation."
Mr Joyce also said Rio Tinto was on track to expand its iron ore production capacity in the Pilbara to 333 million tonnes per annum, from about 225mtpa currently.
The miner last month brought forward the target date to complete the expansion to 333Mtpa by six months to the first half of 2015.
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