Rio Tinto, Hancock Prospecting to invest $1.61B to develop Hope Downs 2 project

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 31M tons and will sustain production from the Hope Downs joint venture into the future. 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. More than 950 jobs will be created during construction and, once operational, the Hope Downs 2 project will help sustain a workforce of about 1000 full time equivalent roles at Greater Hope Downs.