Australia-based miner Rio Tinto has announced that, together with fellow domestic miner Hancock Prospecting, it will invest $1.6 billion to develop the Hope Downs 2 iron ore project in the Pilbara region of Western Australia.
The partners have also received all necessary state and federal government approvals to mine the Hope Downs 2 and Bedded Hilltop deposits within the scope of the project. The combined production capacity of the deposits will amount to 31 million mt per year, which will support the production from the Hope Downs joint venture of Rio Tinto and Hancock.
Additionally, ore mined at the Hope Downs 2 and Bedded Hilltop sites will be transferred to Hope Downs 1 for processing, with the first production from the sites scheduled for 2027.
Over the next three years, Rio Tinto plans to invest over $13 billion in new mines, plants and equipment.