Finance
Rio Tinto, Hancock Prospecting to develop $1.61 billion Hope Downs 2 project
Published by Global Banking & Finance Review®
Posted on June 24, 2025
1 min readLast updated: January 23, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on June 24, 2025
1 min readLast updated: January 23, 2026
Rio Tinto and Hancock Prospecting are investing $1.61 billion in the Hope Downs 2 iron ore project in Western Australia, aiming for a 31 million metric ton annual capacity by 2027.
(Reuters) -Australia's Rio Tinto and Hancock Prospecting will invest $1.61 billion to develop the Hope Downs 2 iron ore project in Western Australia's Pilbara region, Rio Tinto said on Tuesday.
Hope Downs 2 project, containing the Hope Downs 2 and Bedded Hilltop deposits, is a joint venture between Rio and Hancock Prospecting with both parties holding equal stakes.
The two iron ore pits will have a combined total annual production capacity of 31 million metric tons, Rio said in a statement.
Ore mined from the two sites will be transported to Hope Downs 1 for processing and first iron ore from the project is scheduled for 2027, Rio said.
Rio Tinto expects to invest more than $13 billion on new mines, plant and equipment over the next three years, the company said.
(Reporting by John Biju in Bengaluru; Editing by Alan Barona and Rashmi Aich)
Rio Tinto and Hancock Prospecting will invest $1.61 billion to develop the Hope Downs 2 iron ore project.
The two iron ore pits will have a combined total annual production capacity of 31 million metric tons.
The first iron ore from the project is scheduled for 2027.
Rio Tinto expects to invest more than $13 billion on new mines, plant, and equipment over the next three years.
The Hope Downs 2 project is a joint venture between Rio Tinto and Hancock Prospecting, with both parties holding equal stakes.
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