Anglo-Australian mining giant Rio Tinto Ltd., together with its joint venture Hancock Prospecting Pty Ltd, will spend US$350 million on the accelerated expansion of the Hope Downs iron ore mine in the Pilbara region of Western Australia.
The expansion is expected to be completed by early 2009, with the mine due to have an annual capacity of 30 million metric tons when finished.
The rapid expansion of the Hope Downs mine is an integral part of the company's plans to increase annual iron ore production in the Pilbara region to 220 million metric tons by early 2009.