India, June 23 -- Rio Tinto Plc. (RTPPF.PK,RIO.L,RIO,RTNTF.PK) announced a joint investment of $1.61 billion with Hancock Prospecting to develop the Hope Downs 2 iron ore project in Western Australia's Pilbara region, with Rio Tinto contributing $0.8 billion.
Rio Tinto noted that the Hope Downs 2 project, to mine Rio Tinto and Hancock Prospecting's Hope Downs 2 and Bedded Hilltop deposits, has now received all necessary State and Federal Government approvals.
The two new above-water-table iron ore pits will have a combined total annual production capacity of 31 million tonnes and will sustain production from the Hope Downs Joint Venture into the future.
Rio Tinto said it has engaged with the Nyiyaparli, Banjima and the Ngarlawangga Peopl...