Rio Tinto, an Anglo-Australian metals and mining company, has inked a deal to invest A$481 million ($343.7 million) in expanding the Richards Bay Mining operation in South Africa.
Of the total investment, $463 million will be infused in the construction of the Zulti South project as part of a plan to sustain Richards Bay's current capacity and extend the mine life.
With the investment, Zulti South mine will maintain the output of high-margin zircon and rutile, and provide sufficient ore to support TiO2 sales.
Subject to the granting of all necessary permits, construction is scheduled to start in mid-2019, with first commercial production expected in late 2021.