Rio Tinto And Hancock To Invest $1.61 Bln In Hope Downs 2 Iron Ore Project

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(RTTNews) - Rio Tinto Plc. (RTPPF.PK, RIO.L, RIO, RTNTF.PK) announced a joint investment of $1.61 billion with Hancock Prospecting to develop the Hope Downs 2 iron ore project in Western Australia's Pilbara region, with Rio Tinto contributing $0.8 billion.

Rio Tinto noted that the Hope Downs 2 project, to mine Rio Tinto and Hancock Prospecting's Hope Downs 2 and Bedded Hilltop deposits, has now received all necessary State and Federal Government approvals.

The two new above-water-table iron ore pits will have a combined total annual production capacity of 31 million tonnes and will sustain production from the Hope Downs Joint Venture into the future.

Rio Tinto said it has engaged with the Nyiyaparli, Banjima and the Ngarlawangga Peoples, along with relevant government stakeholders, to ensure the responsible management of heritage and the environment in development of the project.

The project includes new non-process infrastructure precincts, railway crossings and haul roads, as well as realigning a 6-kilometre section of the Great Northern Highway.

Ore mined at the two sites will be transported to Hope Downs 1 for processing, with first ore from the deposits and associated infrastructure scheduled for 2027.

According to the company, more than 950 jobs will be created during construction, and once operational, the Hope Downs 2 project will support approximately 1,000 full-time equivalent roles at Greater Hope Downs.

Hope Downs 2 is part of Rio Tinto's tranche of replacement projects that underpin the company's ongoing commitment to the Pilbara, and which will have combined total capacity of about 130Mtpa2.

During the next three years (2025-2027), Rio Tinto expects to invest more than $13 billion on new mines, plant and equipment.

The company said it has a clear pathway to achieve and sustain mid-term system capacity of 345 to 360 Mtpa from its Pilbara iron ore business, with a pre-feasibility study also underway on the Rhodes Ridge project, the Pilbara's best undeveloped iron ore deposit.