Rio Tinto (ASX:RIO) in partnership with Mitsui (TYO:8031) and Nippon Steel (OTCQB:NPSCY) will invest US$733 million ($1.1 billion) to extend key iron assets, the West Angelas Sustaining Project within the Robe River Joint Venture in Western Australia.
Joint venture partners Mitsui (TYO:8031) and Nippon Steel (OTCQB:NPSCY) are also investing a combined US$344 million to develop the new iron ore deposits in the West Angelas hub with Rio’s share at $US389 million.
Rio, which has a market capitalisation of $45.87 billion, says the project will leverage existing processing infrastructure and includes the construction of new non-process infrastructure precincts and 22km of haul roads.
Ore mined at the new deposits will be autonomously trucked to the hub, with first ore scheduled for 2027.
The company notes about 600 jobs will be created during construction.
Once operational, the project will help sustain a workforce of about 950 full-time jobs.
Iron ore CEO Matthew Holcz says the project is built on strong partnerships.
“The West Angelas hub has been an integral part of Rio Tinto Iron Ore since 2002,” Holcz says.
“Securing these approvals ensures ongoing investment in the hub as we continue to supply high-quality, reliable iron ore to meet our global customers’ demand now and into the future.”
Additionally, work is well progressed on the Prefeasibility Study for the Rhodes Ridge Project – a large undeveloped iron ore deposit which is targeting an initial capacity of up to 40 million tonnes per year and first ore by 2030.
The Robe River Joint Venture comprises Rio Tinto holding 53%, Mitsui holding 33%, and Nippon Steel holding the remaining 14%. The joint venture began in 1972 when operations began in the Robe Valley near Pannawonica, followed by an expansion at West Angelas in 2002.
Rio Tinto operates in 35 countries with more than 60,000 employees. The company’s portfolio includes iron ore, copper, aluminium, and a range of other minerals and materials needed for people, communities, and nations.
Write to Aaliyah Rogan at Mining.com.au
Images: Rio Tinto
