Rio Tinto And Hancock To Invest In Hope Downs 2 Project In Pilbara
Rio Tinto Group (NYSE:RIO) is among the 11 Best Copper Stocks to Buy Now. The firm and Hancock Prospecting will invest $1.61 billion, with Rio Tinto Group (NYSE:RIO) contributing $800 million, to develop the Hope Downs 2 iron ore project in the Pilbara area of Western Australia.
Aerial view of an open pit mine, with workers extracting minerals.
Two above-water-table pits with a combined yearly production capacity of 31 million tonnes will be part of the project, which has obtained all necessary State and Federal licenses. More than 950 jobs will be created during construction, and the operation will support about 1,000 full-time equivalent positions at Greater Hope Downs. It is anticipated that the first ore will be mined in 2027 and then delivered to Hope Downs 1 for processing.
Rio Tinto Group (NYSE:RIO) and Hancock Prospecting have a long-standing cooperation, which was marked with the establishment of the Hope Downs Joint Venture in 2006. Hope Downs 1 started production in 2007, subsequently followed by Hope Downs 4 in 2013. Hope Downs 2 will feature additional infrastructure, rail crossings, transport roads, and a 6-kilometer realignment of the Great Northern Highway.
Rio Tinto Group (NYSE:RIO)'s plan to maintain Pilbara output, which targets 345–360 Mtpa capacity, is backed by the project. The $13 billion investment plan (2025-2027) and an initial feasibility study at Rhodes Ridge show the company's sustained commitment to Pilbara iron ore. It is among the best copper stocks.
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