Rio Tinto, Hancock to Jointly Invest $1.6 Billion in Hope Downs 2 Project

By David Winning

SYDNEY--Rio Tinto and the mining business of billionaire Gina Rinehart will together invest $1.6 billion to develop two large iron-ore deposits in Western Australia's Pilbara region.

Rio Tinto said the development of the Hope Downs 2 project with Hancock Prospecting would involve two new pits that will churn out some 31 million metric tons of iron ore combined each year. It expects the mines, along with associated infrastructure, to be operational in 2027.

Iron ore from the new pits will be moved to the active Hope Downs 1 operation for processing. Hope Downs 1 started production in 2007.

Rio Tinto said developing the pits would enable it to maintain production levels across the Pilbara by replacing ore from mines that are nearly depleted.

Rio Tinto expects to invest more than $13 billion on new mines, plant and equipment over the three years through 2027. Its share of investment in the Hope Downs 2 project will be $800 million.

Write to David Winning at [e-mail]

(END) Dow Jones Newswires

06-23-25 2150ET