Rio Tinto Joint Venture to Start $191 Million Rhodes Ridge Iron Ore Study

By Rhiannon Hoyle

Rio Tinto and its partners will start a $191 million, multiyear study to progress the initial development of Rhodes Ridge, one of the world's top undeveloped iron-ore deposits, the miner said Tuesday.

Rio Tinto said the joint venture developing the project--which includes Mitsui & Co. and closely held AMB Holdings--will explore plans for an operation with initial production capacity of between 40 million and 50 million metric tons of iron ore annually.

The study is expected to finish in 2029.

The partners also intend to spend $146 million on exploration in Western Australia's remote Pilbara region between 2026 and 2028, Rio Tinto said.

"Given its size and quality," the Rhodes Ridge project "has the potential to underpin Rio Tinto's Pilbara iron ore business for decades to come," said the head of the company's iron-ore unit, Matthew Holcz.

Rio Tinto is one of the world's top producers of iron ore, which it ships mostly to steel mills in Asia.

Write to Rhiannon Hoyle at [e-mail]

(END) Dow Jones Newswires

12-15-25 1716ET