Rio Tinto and Hancock to invest $1.61 billion in iron ore project in Australia

From Nasdaq: 2025-06-23 22:13:00

Rio Tinto Plc. announced a joint investment of $1.61 billion with Hancock Prospecting to develop the Hope Downs 2 iron ore project in Western Australia’s Pilbara region, with Rio Tinto contributing $0.8 billion. The project has received all necessary approvals and will have a combined annual production capacity of 31 million tonnes. It will create over 950 jobs during construction and support approximately 1,000 full-time equivalent roles once operational. Rio Tinto plans to invest over $13 billion on new projects in the next three years to achieve and sustain mid-term system capacity of 345 to 360 Mtpa.



Read more at Nasdaq: Rio Tinto And Hancock To Invest $1.61 Bln In Hope Downs 2 Iron Ore Project