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Rio Tinto Limited ( (AU:RIO) ) has provided an update.
Rio Tinto and Hancock Prospecting have announced a $1.6 billion investment to develop the Hope Downs 2 iron ore project in Western Australia’s Pilbara region, with Rio Tinto contributing $0.8 billion. The project, which has received all necessary government approvals, will include two new iron ore pits with a combined annual production capacity of 31 million tonnes. This development is part of Rio Tinto’s strategy to sustain Pilbara production, supporting local jobs and economies. The project will create over 950 construction jobs and sustain around 1000 full-time roles once operational, with first ore expected in 2027. Rio Tinto is also engaging with local Indigenous groups and government stakeholders to manage heritage and environmental concerns responsibly.
The most recent analyst rating on (AU:RIO) stock is a Buy with a A$120.00 price target. To see the full list of analyst forecasts on Rio Tinto Limited stock, see the AU:RIO Stock Forecast page.
More about Rio Tinto Limited
Rio Tinto Limited is a leading global mining group primarily focused on the production of iron ore, aluminum, copper, and diamonds. The company has a significant presence in the Pilbara region of Western Australia, which is a critical area for global steel supply.
Average Trading Volume: 1,567,250
Technical Sentiment Signal: Hold
Current Market Cap: A$146.2B
See more insights into RIO stock on TipRanks’ Stock Analysis page.