Rio Tinto and Hancock Prospecting will invest $1.61 billion to develop the Hope Downs 2 iron ore project in Western Australia's Pilbara region. Rio Tinto's share of this investment amounts to $800 million. The project has received all necessary government approvals, clearing the path for its development.
This significant investment is aimed at sustaining production from the Hope Downs joint venture, ensuring long-term iron ore supply. The Hope Downs 2 project will involve the development of two above-water-table pits with a combined yearly production capacity. This commitment reinforces Rio Tinto's dedication to its core iron ore business.
The development of Hope Downs 2 is a material operational milestone, securing future iron ore production and contributing to the company's revenue streams. The project's full government approvals provide certainty for its execution. This investment underscores Rio Tinto's strategy to maintain its leadership in the global iron ore market.
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