Rio Tinto and Hancock Prospecting have announced a joint investment of $1.61 billion to develop the Hope Downs 2 iron ore project in Western Australia’s Pilbara region. This initiative aims to mine the Hope Downs 2 and Bedded Hilltop deposits, with all necessary State and Federal Government approvals now secured.
The project will establish two new above-water-table iron ore pits with a combined annual production capacity of 31 million tonnes, ensuring sustained output from the Hope Downs Joint Venture. Rio Tinto Iron Ore Chief Executive Simon Trott stated, “Approval of Hope Downs 2 is a key milestone for Rio Tinto, as we invest in the next generation of iron ore mines in the Pilbara.”
Trott further emphasized that these projects align with their strategy to maintain investment in Australian iron ore and support Pilbara production for decades. He added, “The Pilbara has been critical to global steel supply for more than 60 years, and we are committed to ensuring it remains so well into the future.”
In preparation for this development, Rio Tinto has engaged with local Indigenous groups—the Nyiyaparli, Banjima, and Ngarlawangga Peoples—as well as government stakeholders to manage heritage and environmental responsibilities effectively.
Infrastructure enhancements include non-process infrastructure precincts, railway crossings, haul roads, and realignment of a six-kilometer section of the Great Northern Highway. The mined ore will be transported to Hope Downs 1 for processing by 2027.
Construction is expected to create over 950 jobs while sustaining approximately 1000 full-time equivalent roles once operational at Greater Hope Downs. This project forms part of Rio Tinto’s series of replacement projects aimed at maintaining its commitment to the Pilbara region.
Over the next three years (2025-2027), Rio Tinto plans an investment exceeding $13 billion on new mines, plant equipment, aiming for mid-term system capacity between 345 to 360Mtpa from its Pilbara operations. A pre-feasibility study is also underway on Rhodes Ridge project—considered one of Pilbara’s best undeveloped iron ore deposits.
The partnership between Rio Tinto and Hancock Prospecting dates back to their initial joint venture establishment in 2006. The first production at Hope Downs commenced in 2007 followed by another site starting operations in 2013.
