Business

Rio Tinto and Hancock Prospecting to invest $1.6 billion to develop the Hope Downs 2 project in Western Australia’s Pilbara

PERTH, Australia, June 24, 2025--Rio Tinto and Hancock Prospecting will invest $1.61 billion (Rio Tinto share $0.8 billion) to develop the Hope Downs 2 iron ore project in Western Australia’s Pilbara region.

articleRio Tinto PlcJune 23, 20254/company/rio-tinto-plc/news/rio-tinto-and-hancock-prospecting-to-invest-dollar16-billion-to-develop-the-hope-downs-2-project-in-western-australias-pilbara
Rio Tinto and Hancock Prospecting to invest $1.6 billion to develop the Hope Downs 2 project in Western Australia’s Pilbara

About this update from Rio Tinto Plc

[{"type":"image","alt":"","displaySize":"","headline":null,"caption":"","credit":null,"className":"","disableSlideshowImg":false,"size":{"original":{"width":3840,"height":1524,"url":"https://media.zenfs.com/en/business-wire.com/7d1e2c652fc999b1ae426b6bdc8de555"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/KY.3l0yQyMJrjIuLbte5aw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTM4MTtjZj13ZWJw/https://media.zenfs.com/en/business-wire.com/7d1e2c652fc999b1ae426b6bdc8de555","width":960,"height":381},"lightbox":{"url":"https://s.yimg.com/ny/api/res/1.2/ab.CfyGDYa9yGpNfS.O0aQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTI0MDA7aD05NTI7Y2Y9d2VicA--/https://media.zenfs.com/en/business-wire.com/7d1e2c652fc999b1ae426b6bdc8de555","width":1200,"height":476}},"lazy":false},{"type":"text","content":"PERTH, Australia, June 24, 2025--(BUSINESS WIRE)--Rio Tinto and Hancock Prospecting will invest $1.61 billion (Rio Tinto share $0.8 billion) to develop the Hope Downs 2 iron ore project in Western Australia’s Pilbara region.","length":224,"tagName":"p"},{"type":"text","content":"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.","length":182,"tagName":"p"},{"type":"text","content":"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.","length":197,"tagName":"p"},{"type":"text","content":"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.","length":187,"tagName":"p"},{"type":"text","content":""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.","length":217,"tagName":"p"},{"type":"text","content":""The Pilbara has been critical to global steel supply for more than 60 years, and we are committed to ensuring it remains so well into the future."","length":157,"tagName":"p"},{"type":"text","content":"Rio Tinto has engaged with the Nyiyaparli, Banjima and the Ngarlawangga Peoples, along with relevant government stakeholders,...

More updates from Rio Tinto Plc

Hancock ProspectingRio TintoHope DownsPERTH, AustraliaPilbara regioniron oreWestern Australia