Mining companies are looking for a new source of revenue as they begin to look for a better way to make a living.
That’s why they are looking to new ways to make money, even in the face of stiff competition from big mining companies such as Rio Tinto.
The mining industry is in a tough spot as the oil and gas industry has seen a massive decline in recent years.
The industry, which is still heavily dependent on the oil, gas and coal sectors for its business, is facing some major challenges.
In 2017, Rio Tino announced it was planning to sell its Australian assets, which include the Karratha copper and nickel mine in Queensland, and the Tuggeranong iron ore mine in South Australia.
The deal will allow Rio Tinos to expand its operations into the world of iron ore mining.
“The iron ore industry has been very strong for a long time, and we believe this new mining strategy is a way for Rio Tines to further expand into new markets,” Rio Tins president, Greg Jardine, said.
“We’re looking to expand our mining footprint and our workforce and have more options to expand that footprint as we look for new markets.”
The announcement came a month after Rio Tini announced plans to sell the Togar gold mine in the Western Australian Outback.
Rio Tinas plans for the Toggie iron ore project in South Australian’s Tuggara Hills region are expected to be announced later this year.
The iron industry is also facing some competition from China.
China’s State Grid Corp is reportedly looking to buy Rio Tinis operations in the United States and South Africa.
“As the world continues to grapple with the challenges posed by climate change, we need new ways for the world to exploit these resources, whether it’s from iron, coal, gold or gas,” Rio’s Mr Jardina said.
The announcement is the latest in a series of moves to make the mining industry more profitable.
Rio’s iron ore projects include two in New South Wales, one in Queensland and one in Western Australia.
Rio Tini, the world leading iron ore miner, is expected to close the Togs mines in 2017 and is currently looking for another mine to mine the same minerals.
The new mining industry, while not the only one looking to make extra money, is looking to take advantage of new markets in Asia and Africa.