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Rio Tinto Ltd (ASX:RIO) and Gina Rinehart’s Hancock Prospecting are injecting a combined US$1.6 billion (A$2.4 billion) into the Hope Downs 2 iron ore project in Western Australia’s Pilbara, strengthening their grip on one of the world’s richest iron-ore regions. Each partner will contribute US$800 million to the 50-50 joint venture, which now holds all required government approvals. Hope Downs 2 is slated to deliver 31 million tonnes of high-grade iron ore annually, with ore hauled to the existing Hope Downs 1 facilities for processing. First production is targeted for 2027.
Construction will create more than 950 jobs, while ongoing operations are expected to sustain around 1,000 full-time roles across Greater Hope Downs, bolstering regional employment and local supply chains. The expansion further aligns with Rio Tinto’s strategy to lift Pilbara output capacity to 345–360 million tonnes per year, cementing its status as the world’s top iron-ore exporter.
Originally opened in 2007, the Hope Downs complex has been a cornerstone of Pilbara iron-ore production since Rio and Hancock partnered in 2006. The latest investment underscores continued confidence in global steel demand, particularly from Asia, and highlights Australia’s pivotal role in supplying premium ore. Following the announcement, Rio Tinto’s shares on the ASX climbed 2.1 percent, reflecting investor optimism about long-term production growth and cash-flow potential from the expanded operation.
