Australia-based mining company Rio Tinto and Hancock Prospecting will invest USD 1.6 billion to develop the Hope Downs 2 iron ore project in the Pilbara region of Western Australia. All state and federal approvals for the project have been received.
The Hope Downs 2 project will include the operation of two new ore pits located above the water table. The total annual production capacity of these sites is expected to be 31 million tons. The project aims to secure the future iron ore production of the Hope Downs Joint Venture.
Simon Trott, CEO of Rio Tinto Iron Ore, stated: "The approval of Hope Downs 2 is an important step in our strategy to sustain iron ore production in the Pilbara for decades to come. The project will contribute to the region's economy, employment and supply chain."
The ore will be transported and processed at the existing Hope Downs 1 plant. First ore production is expected to start in 2027. More than 950 people are planned to be employed during the construction phase, while around 1,000 permanent jobs will be created during the operational phase.
Rio Tinto expects to spend a total of USD 13 billion on new mining and infrastructure investments in the Pilbara between 2025 and 2027. Hope Downs 2 will be an important part of these investments, helping the company to maintain its medium-term system capacity in the range of 345-360 million tons/year.
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