Mining titan Rio Tinto is splashing out on the creation of the world's first automated long distance heavy haul rail network, which will service its Pilbara asset in Australia.
The first driverless train will be launched in 2014, with the "AutoHaul" automated train programme scheduled for completion a year later, the company announced.
Rio's contribution to the cost of the creation of the $518m system is $478m and is part of the group's Mine of the Future programme launched in 2008.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
jh
-
Saba Capital and Boaz Weinstein respond to investment trustsAs investment trust managers and industry experts accuse Saba of self-motivated opportunism, the hedge fund responds to specific "misleading claims" and sets out its stall
-
How to find top-quality companies with growing dividendsIan Mortimer, portfolio manager of Guinness Global Equity Income Fund, shares where he would put his money for sustainable and growing dividends
