Rio Tinto Group (RIO) Commences Work at Norman Creek after $180M Investment

Rio Tinto Group (NYSE:RIO) is one of the best copper stocks to buy according to hedge funds. On August 7, announced commencement of work on the Norman Creek access at the Amrun bauxite mine in Queensland’s Cape York Peninsula.

Rio Tinto Group (RIO) Commences Work at Norman Creek after $180M Investment

Work has started on the project with the approval of a $180 million investment. The investment will enable the company to explore the 978 million tons of ore reserves in the Norman Creek region. First production is slated for 2027.

“Norman Creek is another important step in securing the long-term future of our Weipa operations,” said Armando Torres, Rio Tinto Pacific Operations Aluminium Managing Director.

Rio Tinto has also commenced early works and a final feasibility study on the Kangwinan project, which is expected to increase its annual bauxite production capacity.

Rio Tinto Group (NYSE:RIO) is a global mining and materials company that explores for, mines, and processes various mineral resources. It is heavily involved in the copper business by utilizing leading-edge technologies, including a new venture called Nuton, which focuses on sustainable bio-heap leaching for copper production.

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Disclosure: None. This article is originally published at Insider Monkey.