Australian mining giant Rio Tinto said that the annual production capacity of the proposed Koodaideri iron ore project may reach approximately 70 million tons and the exploitation is more than 30 years.

Rio Tinto said that the Koodaideri project will play an important role in the further expansion in the iron ore project in Pilbara region.

As it is still waiting for the relevant approvals, the construction is expected to begin in the first quarter of 2014 and put into operation in early 2016.

Despite of the recent iron ore price fluctuation and concerns about China´s economic growth slowdown, Rio Tinto still continues to promote the multibillion dollar expansion plan. The annual output will reach 283 million tons in 2013.