Rio Tinto has announced the re-commencement of its expansion program in its Iron Ore Co. of Canada operations. The Board of IOC has approved a new investment of USD 401 million to increase its annual concentrate capacity by four million tonnes to 22 million tonnes by 2012. The investment is the first stage of a three-stage expansion program at IOC that could increase concentrate annual capacity to 26 million tonnes. It was initially approved in March 2008 but suspended later that year as the global financial crisis impacted markets worldwide. The revised total project cost for the first stage expansion, including costs spent prior to suspension, is USD 497 million, a USD 22 million increase on the original estimate.