Rio Tinto announced that it “will partner with Gemco Rail to bring local iron ore rail car manufacturing and bearing maintenance to the Pilbara region in an industry-first. This partnership will enable Gemco Rail to expand its existing operations to establish the first ever rail ore car manufacturing and maintenance facility in the Pilbara, creating new jobs, increasing spend with local and Indigenous businesses and supporting local economic growth. Rio Tinto expects to invest approximately A$150 million to purchase 100 locally built ore rail cars over six years as well as continued investment in bearing refurbishment over ten years, to support the company’s Pilbara operations. The first 40 ore cars will be built at Gemco Rail’s existing facility in Forrestfield, while the company establishes an additional facility in Karratha.”
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly
See the top stocks recommended by analysts >>
Read More on RIO:
- Rio Tinto price target raised to 5,250 GBp from 5,110 GBp at JPMorgan
- Rio Tinto acquires high-grade scandium project in Australia
- Rio Tinto, Midland announce new nickel-copper zone on Tete Nord
- Rio Tinto price target lowered to 5,800 GBp from 5,840 GBp at Morgan Stanley
- Rio Tinto price target lowered to 5,110 GBp from 5,300 GBp at JPMorgan