Global miner Rio Tinto
The company's comments matched rival BHP Billiton
Rio Tinto has approved spending of $14 billion for projects in 2012 and said that could increase, the company said in a statement ahead of an investor briefing in Sydney.
The world No.2 iron ore miner increased its iron ore expansion target by 20 million tonnes to 353 million tonnes a year by the first half of 2015.
(Reporting by Sonali Paul; Editing by Lincoln Feast)