Rio Tinto has begun a $2.6 billion project meant to secure its Weipa operations and produce 20 million tonnes of bauxite per year from 2032. The spending is real, but the stated long-term operating and supply benefits make this positive for the company.
The work is meant to protect Rio Tinto's Weipa operations and support its aluminium business. It is expected to add 20 million tonnes of bauxite each year from 2032. Rio Tinto must spend $2.6 billion, but the stated long-term operating and supply benefits make this positive.
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