Miner Becomes Farmer as Rio Tinto Forays into Hay Production in Pilbara

By Vittorio Hernandez,

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With global commodity prices of iron ore and coal at record-low levels, mining giant Rio Tinto ( RIO ) has apparently forayed into the agriculture to seek other sources of income outside the once very profitable resources sector.

Rio on Thursday announced the opening of its multimillion-dollar Hamersley Agriculture Project in Pilbara. The venture aims to produce about 30,000 tonnes of hay a year.

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This article appears in: Investing Commodities
Referenced Stocks: RIO

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