Rio Tinto To Invest $469M In Developing Kennecott Eagle Mine

15th Jun 2010 14:42

LONDON (Dow Jones)--Rio Tinto PLC (RIO.LN), an international mining group, said Tuesday it will invest $469 million in constructing the Kennecott Eagle nickel and copper mine in Michigan's Upper Peninsula following receipt of final environmental approvals. MAIN FACTS: -Construction of the mine and mill will begin this year and first production is expected in late 2013. -Part of strategy to increase investment in attractive growth projects in 2010. -Long-term demand outlook remains strong for both nickel and copper. -Eagle will produce separate nickel and copper concentrates containing an average of 17,300 and 13,200 tons per year of nickel and copper metal respectively over six years. -Funding will enable construction of a new underground mine, associated surface facilities for servicing the mine, rehabilitation of an existing mill and development of a multi-use access road. -Shares at 1340 down 5.5 pence, or 0.2%, at 3306.5 pence. -By Tommy Stubbington, Dow Jones Newswires; 44-20-7842-9268; [email protected] (END) Dow Jones Newswires June 15, 2010 09:42 ET (13:42 GMT)