Mining giant Rio Tinto will invest $338 million to complete the development of the Silvergrass mine at its Pilbara iron ore operations in Western Australia.
Rio Tinto said the investment will lower mine operating costs by replacing road haulage with a more efficient conveyor system that links the Silvergrass operations to the group's existing processing plant at Nammuldi.
"The additional low-phosphorus tonnes that Silvergrass delivers will sustain the long-term viability of our Pilbara blend, ensuring continued premium pricing, whilst also lowering our operating costs through infrastructure improvements," chief executive Jean-Sebastien Jacques said in a statement on Wednesday.
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