Iron ore giant, Rio Tinto has announced to temporarily put off their US$6 billion investment plan on the iron ore project in Simandou, Guinea, on which they already put US$400 million.
The project was originally scheduled to start production from year 2013 with iron ore output of 8million tpy and will reach 70 million tpy by year 2018.
At the same time, Rio Tinto has to cut 13 percent employment and low down their capital expenditures to US$4 billion to facing the shrinking demand resulted from global financial crisis. Source:Yieh.com
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Sunday, December 14, 2008
13:29 |
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