24-06-2025
Rio Tinto Joins Hancock to Develop $1.6 Billion Iron Ore Project
Rio Tinto Group will team up up with Australia's richest person to develop a $1.6 billion, 31 million ton-a-year iron ore mine in the Pilbara mining hub.
The world's second-biggest miner will equally share development costs with Gina Rinehart's Hancock Prospecting Ltd., Rio said in a statement Tuesday. The Hope Downs 2 mine, which will include two new pits, will be incorporated into existing infrastructure. All regulatory and environmental approvals are in place, with first ore to be mined in 2027, it added.
