By Rhiannon Hoyle

SYDNEY--Rio Tinto PLC (RIO.LN) said its board has approved plans to spend US$2.6 billion developing the Koodaideri iron ore mine in Western Australia.

The mining company will start building the operation next year, and expects it to be producing iron ore by late 2021. At full capacity, it will produce 43 million metric tons of iron ore a year.

Rio Tinto also approved a US$44 million prefeasibility study into a possible later expansion of the operation, that could increase production to 70 million tons or beyond, said the company.

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

(END) Dow Jones Newswires

November 28, 2018 16:53 ET (21:53 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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