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    Home > Finance > Rio Tinto, Hancock Prospecting to develop $1.61 billion Hope Downs 2 project
    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 read

    Last updated: January 23, 2026

    Rio Tinto, Hancock Prospecting to develop $1.61 billion Hope Downs 2 project - Finance news and analysis from Global Banking & Finance Review
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    Tags:resources sectorinvestmentProject Management

    Quick Summary

    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.

    Rio Tinto and Hancock Prospecting to Invest $1.61 Billion in Hope Downs 2

    (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)

    Key Takeaways

    • •Rio Tinto and Hancock Prospecting to invest $1.61 billion in Hope Downs 2.
    • •The project is located in Western Australia's Pilbara region.
    • •Hope Downs 2 will have a production capacity of 31 million metric tons annually.
    • •Ore will be processed at Hope Downs 1, with first output in 2027.
    • •Rio Tinto plans over $13 billion investment in new mines and equipment.

    Frequently Asked Questions about Rio Tinto, Hancock Prospecting to develop $1.61 billion Hope Downs 2 project

    1What is the total investment for the Hope Downs 2 project?

    Rio Tinto and Hancock Prospecting will invest $1.61 billion to develop the Hope Downs 2 iron ore project.

    2What is the annual production capacity of the Hope Downs 2 project?

    The two iron ore pits will have a combined total annual production capacity of 31 million metric tons.

    3When is the first iron ore expected from the Hope Downs 2 project?

    The first iron ore from the project is scheduled for 2027.

    4What are the future investment plans of Rio Tinto?

    Rio Tinto expects to invest more than $13 billion on new mines, plant, and equipment over the next three years.

    5Who are the partners in the Hope Downs 2 project?

    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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