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Beijing turned cautious about overseas acquisitions after spending billions of dollars on iron ore projects in Australia that have yet to generate returns.
In Tanzania, it has a nickel project and iron ore projects in Mauritania and the Republic of Congo, South Africa.
That statistic makes Rio Tinto's decision to pour $15 billion into iron ore projects in the Pilbara region rather like buying Internet stocks in 1999.
The pledge is being funded by royalties from his iron ore projects in the Pilbara region, and the money starts going into health care projects by next year.
Fortune doubled to $20 billion in January after South Korean steel giant Posco took a 15% stake in one of her massive iron ore projects in Western Australia's Pilbara region.
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Minas-Rio, a large iron ore project in Brazil and one of Ms. Carroll's initiatives, is struggling with rising costs and delays because of licensing problems.
But last month, Rio signed a deal to develop with Chinalco a huge iron ore project in the West African country of Guinea.
Last week, Rio Tinto said that it had formed a joint venture with Chinalco, the Chinese state-owned company, to develop a huge iron ore project in Africa.
The company said it would take a post-tax charge on its Minas-Rio iron ore project in Brazil because production costs at the site had skyrocketed.
Rio reported a net loss of $866m£599m9m), hammered by $1.8bn in write-downs which related mainly to its Simandou iron ore project in Guinea, west Africa.
Rio Tinto rose 32.5p to £33.55, as it confirmed a joint venture with Aluminium Corporation of China to develop the Simandou iron ore project in Guinea.
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