Rio Tinto, Hancock Prospecting to invest $1.6B to develop Hope Downs 2 project
The company states: ' Rio Tinto (RIO) and Hancock Prospecting will invest $1.61B to develop the Hope Downs 2 iron ore project in Western Australia's Pilbara region. 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 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.'
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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. While we acknowledge the potential of RIO as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 10 High-Growth EV Stocks to Invest In and 13 Best Car Stocks to Buy in 2025. Disclosure. None.
Yahoo
2 hours ago
- Yahoo
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. While we acknowledge the potential of RIO as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 10 High-Growth EV Stocks to Invest In and 13 Best Car Stocks to Buy in 2025. Disclosure. None.
Yahoo
2 hours ago
- Yahoo
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. While we acknowledge the potential of RIO as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 10 High-Growth EV Stocks to Invest In and 13 Best Car Stocks to Buy in 2025. Disclosure. None.
