Latest news with #HopeDowns2
Yahoo
an hour ago
- Business
- Yahoo
Rio Tinto and Hancock commit $1.6bn for Australia's Hope Downs 2 project
Rio Tinto and Hancock Prospecting have announced plans to invest $1.6bn in the Hope Downs 2 iron ore project in Western Australia's Pilbara region, with Rio Tinto's share being $800m. Having received all necessary government approvals, the project is set to sustain production from the Hope Downs joint venture (JV), in which Rio Tinto and Hancock Prospecting are equal partners. The Hope Downs 2 project will mine the Hope Downs 2 and Bedded Hilltop deposits, with two new above-water-table iron ore pits. These pits are expected to have a combined annual production capacity of 31 million tonnes (mt), which will contribute to the long-term output of the joint venture. Rio Tinto iron ore chief executive Simon Trott said: 'Approval of Hope Downs 2 is a key milestone for Rio Tinto, as we invest in the next generation of iron ore mines in the Pilbara. 'These projects are part of our strategy to continue investing in Australian iron ore and to sustain Pilbara production for decades to come, supporting jobs, local businesses and the state and national economies. The development will include new non-process infrastructure precincts, railway crossings, haul roads, and the realignment of a 6km section of the Great Northern Highway. The ore from the new sites will be processed at Hope Downs 1, with the first ore and associated infrastructure expected to be operational by 2027. The construction phase is expected to create more than 950 jobs, and once operational, the Hope Downs 2 project is anticipated to sustain approximately 1,000 full-time equivalent positions. Hope Downs 2 is part of a series of replacement projects that underline Rio Tinto's ongoing commitment to the Pilbara region. With a combined capacity of 130mtpa, these projects are integral to the company's strategy in the region. Over the next three years, Rio Tinto plans to invest more than $13bn in new mines, plant, and equipment. The company aims to achieve and maintain a mid-term system capacity of between 345mtpa and 360mtpa from its Pilbara iron ore operations. Additionally, a pre-feasibility study is in progress for the Rhodes Ridge project, considered Pilbara's most significant undeveloped iron ore deposit. In a separate development, Rio Tinto has agreed to pay £103.39m ($138.75m) to settle a US lawsuit alleging investor fraud related to its Oyu Tolgoi mine expansion in Mongolia. This preliminary settlement, which awaits judicial approval, was filed with the US District Court in Manhattan and represents Turquoise Hill Resources shareholders affected between July 2018 and July 2019 when Rio Tinto held a majority stake. "Rio Tinto and Hancock commit $1.6bn for Australia's Hope Downs 2 project" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Business Insider
2 hours ago
- Business
- Business Insider
Rio Tinto, Hancock Prospecting to invest $1.6B to develop Hope Downs 2 project
The company states: ' Rio Tinto (RIO) and Hancock Prospecting will invest $1.61B to develop the Hope Downs 2 iron ore project in Western Australia's Pilbara region. The Hope Downs 2 project, to mine Rio Tinto and Hancock Prospecting's Hope Downs 2 and Bedded Hilltop deposits, has now received all necessary State and Federal Government approvals. The two new above-water-table iron ore pits will have a combined total annual production capacity of 31 million tonnes and will sustain production from the Hope Downs Joint Venture into the future. Rio Tinto has engaged with the Nyiyaparli, Banjima and the Ngarlawangga Peoples, along with relevant government stakeholders, to ensure the responsible management of heritage and the environment in development of the project. The project includes new non-process infrastructure precincts, railway crossings and haul roads, as well as realigning a 6-kilometre section of the Great Northern Highway. Ore mined at the two sites will be transported to Hope Downs 1 for processing, with first ore from the deposits and associated infrastructure scheduled for 2027.' Confident Investing Starts Here:
Yahoo
8 hours ago
- Business
- Yahoo
Rio Tinto, Hancock Prospecting to develop $1.61 billion Hope Downs 2 project
(Reuters) -Australia's Rio Tinto and Hancock Prospecting will invest $1.61 billion to develop the Hope Downs 2 iron ore project in Western Australia's Pilbara region, Rio Tinto said on Tuesday. Hope Downs 2 project, containing the Hope Downs 2 and Bedded Hilltop deposits, is a joint venture between Rio and Hancock Prospecting with both parties holding equal stakes. The two iron ore pits will have a combined total annual production capacity of 31 million metric tons, Rio said in a statement. Ore mined from the two sites will be transported to Hope Downs 1 for processing and first iron ore from the project is scheduled for 2027, Rio said. Rio Tinto expects to invest more than $13 billion on new mines, plant and equipment over the next three years, the company said.
Yahoo
8 hours ago
- Business
- Yahoo
Rio Tinto, Hancock Prospecting to develop $1.61 billion Hope Downs 2 project
(Reuters) -Australia's Rio Tinto and Hancock Prospecting will invest $1.61 billion to develop the Hope Downs 2 iron ore project in Western Australia's Pilbara region, Rio Tinto said on Tuesday. Hope Downs 2 project, containing the Hope Downs 2 and Bedded Hilltop deposits, is a joint venture between Rio and Hancock Prospecting with both parties holding equal stakes. The two iron ore pits will have a combined total annual production capacity of 31 million metric tons, Rio said in a statement. Ore mined from the two sites will be transported to Hope Downs 1 for processing and first iron ore from the project is scheduled for 2027, Rio said. Rio Tinto expects to invest more than $13 billion on new mines, plant and equipment over the next three years, the company said.
Reuters
8 hours ago
- Business
- Reuters
Rio Tinto, Hancock Prospecting to develop $1.61 billion Hope Downs 2 project
June 24 (Reuters) - Australia's Rio Tinto ( opens new tab, (RIO.L), opens new tab and Hancock Prospecting will invest $1.61 billion to develop the Hope Downs 2 iron ore project in Western Australia's Pilbara region, Rio Tinto said on Tuesday. Hope Downs 2 project, containing the Hope Downs 2 and Bedded Hilltop deposits, is a joint venture between Rio and Hancock Prospecting with both parties holding equal stakes. The two iron ore pits will have a combined total annual production capacity of 31 million metric tons, Rio said in a statement. Ore mined from the two sites will be transported to Hope Downs 1 for processing and first iron ore from the project is scheduled for 2027, Rio said. Rio Tinto expects to invest more than $13 billion on new mines, plant and equipment over the next three years, the company said.
