Rio Tinto, Hancock Prospecting to invest $1.6 bln in Hope Downs 2 project in Pilbara

Australian mining majors Rio Tinto and Hancock Prospecting will jointly invest $1.6 billion to develop the Hope Downs 2 iron ore project in Western Australia's Pilbara region, according to a press release from Rio Tinto on Tuesday.

The project, with Rio Tinto and Hancock Prospecting each investing $800 million, has secured all necessary government approvals, the release said, allowing the development of the Hope Downs 2 and Bedded Hilltop deposits owned by the two miners to proceed. The two new above-water-table iron ore pits will have