Rhodes Ridge Joint Venture partners begin $191 million feasibility study on up to 50Mtpa Pilbara iron ore mine [Yahoo! Finance]
Rio Tinto Plc (RIO)
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Source: Yahoo! Finance
million, A$147 million) feasibility study to progress development of the first phase of the Rhodes Ridge project, one of the world's best undeveloped iron ore deposits, in Western Australia's Pilbara. The feasibility study will assess development of an operation with initial annual production capacity of 40 to 50 million tonnes of iron ore. The joint venture partners (Rio Tinto 50%, Mitsui 40% and AMB Holdings 10%) intend to invest a further $146 million (A$225 million) on exploration between 2026 and 2028 as part of ongoing study phases. The feasibility study is expected to conclude in 2029. Rio Tinto Iron Ore Chief Executive Matthew Holcz said: "In partnership with the Nyiyaparli Traditional Owners, we are working to develop Rhodes Ridge, which, given its size and quality, has the potential to underpin Rio Tinto's Pilbara iron ore business for decades to come. "Earlier this year the joint venture welcomed Mitsui into the project, confirming Rhodes Ridge as one of the best
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