Rio Tinto and Hancock to develop Hope Downs 2 iron ore project

Rio Tinto and Hancock Prospecting will invest USD 1.61 bln to develop the Hope Downs 2 iron ore project in Western Australia's Pilbara region, following full State and Federal Government approvals.

The project will mine the Hope Downs 2 and Bedded Hilltop deposits through two above-water-table pits with a combined annual production capacity of 31 mln tons, securing long-term output for the Hope Downs Joint Venture.

Infrastructure plans include new non-processing precincts, haul roads, rail crossings, and a 6-kilometre realignment of the Great Northern Highway. Ore will be transported to Hope Downs 1 for processing, with first production expected in 2027.

Hope Downs 2 forms part of Rio Tinto's broader replacement project portfolio, which aims to sustain its Pilbara production capacity of 345-360 mln tons annually. Across 2025-2027, Rio Tinto plans to invest over USD 13 bln in new mines, plants, and equipment. A pre-feasibility study is also underway for the Rhodes Ridge project, considered the most significant undeveloped iron ore deposit in the Pilbara.