Funding, Iron ore, News, Rio Tinto

Rio pushes for new iron ore mine

MinRes iron ore

Rhodes Ridge, an undeveloped iron ore deposit in WA, has been bolstered by a $110 million pre-feasibility study (PFS) through Rio Tinto.

The major miner plans to spend over $400 million on exploration at Rhodes Ridge over the next five years, with an initial hub likely to be located in the northern part of the project.

“The size and quality of the resource base at Rhodes Ridge has the potential to underpin our iron ore business in the Pilbara for decades to come,” Rio Tinto iron ore chief executive Simon Trott said.

“Longer term, the resource could support a world-class mining hub with a potential capacity of more than 100 million tonnes of high-quality iron ore a year.

“We are committed to working closely with the Traditional Owners, the Nyiyaparli and Ngarlawangga People, as we progress this project.”

Rhodes Ridge is a joint venture between Rio Tinto and Wright Prospecting. Both companies hold a 50 per cent interest in the project.

The site contains 6.8 billion tonnes of mineral resources. Rio expects to complete the PFS by the end of 2025, and will follow it up with a feasibility study.

First ore from the project is expected by the end of this decade.

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