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Rio Tinto set to approve $1 bln bauxite expansion-media

Reuters - UK Focus

SYDNEY, Nov 26 (Reuters) - Rio Tinto (LSE: RIO.L - news) is poised to approve its long-stalled $1 billion South of Embley bauxite expansion project as early as this week, the Australian Financial Review said on Thursday.

The Anglo-Australian miner expects the return on the project in Weipa in Australia's Queensland state to be comparable to its lucrative Pilbara iron ore operations - that is, greater than 20 percent, it said.

The project has been plagued by delayed approvals and environmental opposition.

Rio Tinto is expected to announce as early as this week that it will pursue the project, according to the report.

South of Embley is critical to extending the life of Rio Tinto's bauxite mining business in the region.

Bauxite is required to make aluminium. (Reporting by James Regan, editing by David Evans)