Rio Tinto and Hancock Prospecting to Invest US$1.61B in Hope Downs 2

Rio Tinto and Hancock Prospecting to Invest US$1.61B in Hope Downs 2

Australia’s Rio Tinto, together with Hancock Prospecting, have announced that they will be investing $1.61B to develop the Hope Downs 2 iron ore project in Western Australia’s Pilbara region. This project is already a 50:50 joint venture between Rio Tinto and Hancock Prospecting and comprises the Hope Downs 2 and Bedded Hilltop deposits. The two new iron ore pits are expected to have a combined total annual production capacity of 31Mt. The Hope …

Green light for Rio Tinto and Hancock Prospecting joint venture - Mining Magazine Australia

Image: Rio TintoRio Tinto and Gina Rinehart’s Hancock Prospecting will pour $1.6 billion into a major new iron ore development in Western Australia’s Pilbara, after the project received the green light from both levels of government. The Hope Downs 2 project will charge ahead with equal support from the two mining giants, with the State and Federal Government granting all necessary approvals for its operation. Located 1200 kms north of Perth, th…