Rio Tinto and partners to invest $733 million in Pilbara iron ore project

(Reuters) -Rio Tinto said on Tuesday it along with its joint venture partners Mitsui Iron Ore and Nippon Steel will invest $733 million to develop new iron ore deposits at the West Angelas hub in Western Australia's Pilbara region. Rio Tinto, which will contribute $389 million, said the West Angelas Sustaining project will maintain the hub's annual production capacity at 35 million tonnes, extending mining operations for several years. The construction will create about 600 jobs, while around 950 full-time roles will be sustained once the project becomes operational. Autonomous trucking of ore is set to begin in 2027. Mining major Rio added the project forms part of a suite of replacement iron ore developments across Pilbara, supporting a total capacity of around 130 million tonnes per annum. The West Angelas hub has been a critical part of Rio Tinto's operations since 2002. Beyond this project, Rio Tinto is advancing a pre-feasibility study for Rhodes Ridge, targeting an initial capacity of up to 40 million tonnes per annum and first ore by 2030. Shares of Rio Tinto rose 0.9% to A$124.72, outperforming the broader benchmark index , which edged 0.1% lower as of 2329 GMT. The miner also recently opened the $2 billion Western Range iron ore mine in partnership with China Baowu Steel Group, aimed at sustaining output from its Paraburdoo hub in the Pilbara for up to two decades. (Reporting by Roshan Thomas in Bengaluru; Editing by Shailesh Kuber)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)