Rio Tinto & Hancock Prospecting invest $1.6 billion in Pilbara iron ore project
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Update time : 2025-06-26 15:58:24
Rio Tinto and Hancock Prospecting are investing US$1.6 billion in the Hope Downs 2 iron ore project in Western Australia's Pilbara region.
The permitted project will develop two open pit mines with a combined annual capacity of 31 million tons. Ore from the new mines will be processed at the existing Hope Downs 1 plant, with first production scheduled for 2027.
This investment supports Rio Tinto's medium-term Pilbara production target of 345-360 million tons annually.
Rio Tinto plans to invest more than US$13 billion in new mines, plants, and equipment from 2025-2027, with Hope Downs 2 part of the company's replacement projects.
