Australia’s Rio Tinto, together with Hancock Prospecting, have announced that they will be investing $1.61B to develop the Hope Downs 2 iron ore project in Western Australia’s Pilbara region. This project is already a 50:50 joint venture between Rio Tinto and Hancock Prospecting and comprises the Hope Downs 2 and Bedded Hilltop deposits. The two new iron ore pits are expected to have a combined total annual production capacity of 31Mt.
The Hope Downs 2 project has already received all of its necessary State and Federal Government approvals for development. Rio Tinto has also stated that it has engaged with the Nyiyaparli, Banjima, and Ngarlawangga Peoples, as well as relevant government stakeholders to ensure that heritage and environmental considerations are undertaken responsibly.
Rio Tinto is expecting to invest over US$13B on additional new mines, plant, and other equipment over the next few years.
