The Australian branch of Rio Tinto, the London-based global mining conglomerate, will invest $2 billion in iron ore and diamond mining projects in the Madhya Pradesh and Orissa fields in India.
The head of the company’s iron ore branch in Australia, Sam Walsh, made the announcement during a visit to the Indian capital of New Delhi, according to a report in The Hindu newspaper.
It would be the largest investment by any Australian business entity in India to date, The Hindu reported.
Walsh said the company is likely to reach 15 billion tons per annum in the first phase of mining in three iron ore deposits. The project will be jointly managed with Odisha Mining Corporation.
“We will bring the technology and environment safety system,” Walsh told The Hindu. “We will obviously be using the local people in the project. This project would be a benchmark for the mining industry in India as far as international standards, safety and technology is concerned.”