Rio Tinto $RIO (-3,36 %)
$RIO (-2,98 %), Mitsui $8031 (-4,68 %) and Nippon Steel $5401 (-5 %)
$NPSCY have committed to a joint investment of US$733 million, with Rio Tinto contributing US$389 million, to develop the West Angelas Sustaining Project, part of the Robe River Joint Venture in the Pilbara region of Western Australia. The project has received all necessary approvals from state and federal authorities.
Rio Tinto said the initiative will develop new iron ore deposits in the West Angelas Hub, maintain its annual production capacity of 35 million tons and expand mining well into the future. It will utilize existing processing infrastructure and build new non-processing infrastructure facilities and 22 kilometers of haul roads.
Ore from the new deposits will be transported autonomously to the hub, with first production expected in 2027. Around 600 jobs will be created during the construction phase and once operational, the project will support around 950 full-time positions.
This development is part of a series of replacement projects by Rio Tinto in Pilbara, which together aim to maintain a total production capacity of approximately 130 million tons per annum.
In addition, the pre-feasibility study for Rhodes Ridge, an undeveloped iron ore deposit with a targeted initial capacity of up to 40 million tons per annum, with first ore expected by 2030, is progressing.
The Robe River Joint Venture is owned by Rio Tinto (53%), Mitsui Iron Ore (33%) and Nippon Steel (14%).