Rio Tinto to acquire 50% of Hope Downs

Rio Tinto to acquire 50% of Hope Downs

Anglo-Australian mining company Rio Tinto announced today that it reached an agreement with Hancock Prospecting Pty Ltd to purchase a 50% stake in the Hope Downs iron ore assets. Rio Tinto and Hancock Prospecting will form a 50-50% joint venture to develop the Hope Downs iron ore assets. The project will use Pilbara Iron managed port, rail and power infrastructure. Mr Leigh Clifford, chief executive of Rio Tinto, said, "The acquisition of this excellent resource and the development of this project strengthens Rio Tinto's position as the prime supplier of iron ore from the Pilbara and will increase Western Australia's participation in the global iron ore market. The purchase is subject to necessary approvals.