Diploma loses Pilbara Worker Accommodation Project

Rio Tinto Pulls Out of Pilbara Worker Accommodation Project | Fox Business:

Rio Tinto Ltd. (RIO.AU) has pulled out of an accommodation expansion project for its workers in Australia's remote iron ore-rich Pilbara region, the project's developer said Friday.

 Diploma Group Ltd. (DGX.AU) said in a statement to the Australian Securities Exchange Rio Tinto had told it the Rocklea Palms Pilbara Accommodation Expansion Project had been deemed "non-essential" in its current expansion program and had been put on hold indefinitely.

A spokesman for Rio Tinto told Dow Jones Newswires the decision to not go ahead with the Rocklea expansion had no effect on its mining operations or expansion plans.

Rio Tinto is continuing to push ahead with its plans to expand its iron ore operations in the Pilbara, in Western Australia state, but, like other mining companies, has sought to reduce costs in the wake of falling commodity prices.

Diploma said in its statement Rio Tinto had confirmed that the Wickham Accommodation Expansion Project, which it is working on, is still "on foot and is an essential part of Rio Tinto's expansion plans."

Read more: http://www.foxbusiness.com/news/2012/11/09/rio-tinto-pulls-out-pilbara-worker-accommodation-project/#ixzz2BlOxmKrd


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