Sightful Invest
  • Business
  • Investing
  • Politics
  • Stock
Top Posts
Trump lashes out at Crockett, renews call for...
Trump goes after Zelenskyy over ‘land swapping’ dispute,...
Democratic whistleblower told FBI that Adam Schiff approved...
MORNING GLORY: Trump meets Putin amid an era...
‘Things need to change’: Senate Democrats sharpen criticism...
Mamdani zings Cuomo in rent-stabilized housing spat during...
Unearthed emails reveal White House nixed Biden visiting...
Strong drilling targets identified next to high-grade gold-copper...
Seymour Lithium Project Achieves Permitting Milestone
Acquisition of Silver Extraction Technology
  • Business
  • Investing
  • Politics
  • Stock

Sightful Invest

Investing

Rio Tinto and Hancock Pledge US$1.6 Billion to Advance Hope Downs 2 Iron Ore Project

by admin June 25, 2025
June 25, 2025
Rio Tinto and Hancock Pledge US$1.6 Billion to Advance Hope Downs 2 Iron Ore Project

Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) and privately owned Hancock Prospecting said on Tuesday (June 24) that they will invest US$1.6 billion to develop the Hope Downs 2 iron ore project in Pilbara, Western Australia.

According to Rio Tinto, Hope Downs 2 has received all necessary approvals and is set to sustain production from the Hope Downs joint venture, in which Rio Tinto and Hancock are equal partners.

Each company will shell out US$0.8 billion for the project.

Hope Downs 2 holds the Hope Downs 2 and Bedded Hilltop deposits, which will have a combined total annual production capacity of 31 million tonnes.

“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,” said Rio Iron Ore Chief Executive Simon Trott in the company’s press release.

“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.”

Pilbara is one of Australia’s key mining regions and has been critical to global steel supply for more than six decades.

The joint venture between Rio Tinto and Hancock was established in 2006. Production at Hope Downs 1 began in 2007.

In 2018, the joint venture opened Baby Hope, a new deposit at Hope Downs that was developed to help sustain existing capacity at the Hope 1 operation and support ongoing jobs at Hope Downs.

According to Rio Tinto, an average of 950 jobs will be created during construction of Hope Downs 2, and approximately 1,000 jobs will be sustained at Greater Hope Downs once operational.

The company expects to invest more than US$13 billion on new mines, plant and equipment from 2025 to 2027.

Rio Tinto and Hancock said ore from the new deposits will be processed at Hope Downs 1, with first ore expected and associated infrastructure planned to be operational by 2027.

Other Rio Tinto developments

Earlier this month, Rio Tinto opened the US$3.1 billion Western Range iron ore mine in Western Australia.

Western Range is a joint venture between Rio Tinto and China Baowu Group, a state-owned iron and steel Chinese company. The operation is projected to produce up to 25 million tonnes of iron ore annually.

Rio also recently announced a leadership shakeup after Chief Executive Jakob Stausholm stepped down.

Hancock to unite Roy Hill and Atlas Iron

In a separate development, Hancock said it is uniting its Roy Hill and Atlas Iron operations under a new banner called Hancock Iron Ore. The major operational realignment is set to take effect on July 1.

Executive Chair Gina Rinehart said that the world of iron ore is evolving, so Hancock follows.

“We are not just rebranding. We are building on the exceptional legacy and remarkable achievements of Roy Hill, Atlas Iron and Hancock,’ Australian Mining quotes her as saying.

Roy Hill is among Australia’s leading iron ore miners, delivering approximately 64 million tonnes annually to steelmaking markets in nearby Asia. Atlas Iron exports 10 million tonnes a year.

The latter was acquired by Hancock in 2018 and has since undergone ‘a successful operational turnaround.’

Hancock and Rinehart have a long history of investing in Australian iron ore and other commodities.

Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

previous post
Preparations for Maiden Drill Program at Oasis
next post
Louisiana mom warns ‘half of what we’re working for’ at risk if Trump’s budget bill fails

You may also like

Alvopetro Announces Q3 2024 Dividend of US$0.09 Per...

September 17, 2024

Acquisition of Penny South Gold Project, WA

September 3, 2024

RHI: Sandstone Gold Royalty – completion of purchase

June 19, 2025

NVIDIA Rallies After Strong Q1, AI Demand Outshines...

May 31, 2025

Michael Campbell: Gold, Uranium, Oil/Gas — Bullish as...

February 3, 2025

Altech Batteries Limited (ASX: ATC) – Trading Halt

August 1, 2024

Top 5 Most-popular Crypto Stories of 2024

January 1, 2025

Extensive Greenland Lithium Exploration Campaign Launched by Brunswick...

June 18, 2025

Skyharbour Enters into Agreement with Mustang Energy to...

November 13, 2024

TEM | Yalgoo Update – Remorse Sampling Indicates...

August 22, 2024

Recent Posts

  • Trump lashes out at Crockett, renews call for cognitive test
  • Trump goes after Zelenskyy over ‘land swapping’ dispute, lays out ‘feel out meeting’ with Putin
  • Democratic whistleblower told FBI that Adam Schiff approved classified leaks to target Trump
  • MORNING GLORY: Trump meets Putin amid an era done away with John Quincy Adams’ ‘abroad’
  • ‘Things need to change’: Senate Democrats sharpen criticism of Israel as humanitarian concerns grow

    Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Categories

    • Business (867)
    • Investing (2,729)
    • Politics (3,369)
    • Stock (4)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sightfulinvest.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 Sightful Invest. All Rights Reserved.