Australian mining and metals company Rio Tinto has announced that it will develop the Rhodes Ridge iron ore deposit, which it will own 50% of, in the eastern part of the Pilbara region in Western Australia.
According to the exploration data made in the region, the Rhodes Ridge deposit contains 5.8 billion tons of high-grade ore with an average iron grade of 62.3%.
Although the company does not make a clear statement on the timing, it states that production will begin before the end of this decade. The production volume is planned to increase up to 40 million tons per year.
The new mine will use the existing rail and port infrastructure of Rio Tinto in Western Australia. The company also will build 1 GW of renewable energy capacity.