Rio Tinto and BHP to collaborate on Pilbara iron ore mining [Yahoo! Finance]
Rio Tinto Plc (RIO)
US:NYSE Investor Relations:
riotinto.com/investors-87.aspx
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Source: Yahoo! Finance
This initiative is facilitated by two non-binding memorandums of understanding (MoUs). It involves joint efforts at Rio Tinto's Wunbye deposit and the utilisation of BHP's Yandi Lower Channel Deposit ore at the former's wet plants under agreed terms. This potential collaboration follows a 2023 agreement between Rio Tinto and BHP to mine the Mungadoo Pillar, previously unreachable due to shared tenure boundaries. Rio Tinto iron ore CEO Matthew Holcz said: “By working smarter, we can better leverage existing infrastructure to unlock additional production with minimal capital requirements. “Together we will extend the life of these operations, create additional value and further support Western Australian jobs and local communities.” The two mining majors have outlined a strategy beginning with a conceptual study, followed by an order of magnitude study. A final investment decision will determine the commencement of ore extraction from both deposits, which is anticipated early
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