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Rio Tinto to invest in iron ore

By the CNN Wire Staff
STORY HIGHLIGHTS
  • Rio Tinto said the money will be for projects in western Australia
  • The goal is to up production to 283 million tons of iron ore a year

(CNN) -- International mining company Rio Tinto says it will invest $3.1 billion to significantly increase iron ore production in Australia.

The goal is to produce 283 million tons of iron ore starting in 2013, the company said in a statement Wednesday.

The company can currently produce 220 million tons of iron ore a year.

The increased production will help the company do more rail and infrastructure projects in western Australia, the company said.