Rio Tinto (RIO -4.4%), selling off with other miners today, says it plans to invest $2B in an...

|About: Rio Tinto plc (RIO)|By:, SA News Editor

Rio Tinto (RIO -4.4%), selling off with other miners today, says it plans to invest $2B in an iron ore project in the Indian state of Orissa. The mining giant, which has recently benefited from rising iron ore prices, says it's willing to see through India's frequently time-consuming approval process. Korea's POSCO (PKX) announced plans for a giant steel plant in Orissa in 2005, but the project is still mired in red tape.