Rio Tinto, Hancock Invest $1.6 Billion In Hope Downs 2 Expansion

Rio Tinto (NYSE:RIO) and Hancock Prospecting have announced on Tuesday a joint investment of $1.61 billion to develop the Hope Downs 2 iron ore project in Western Australia's Pilbara region. A 50-50 investment will drive a significant expansion of the long-standing Hope Downs Joint Venture between the two companies.

"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," Rio Tinto Iron Ore Chief Executive Simon Trott said in today's announcement.

"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," he added.

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The investment will fund the development of two new ...