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Posted by
Two Blokes Jun 24 -
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Stock
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PERTH, Australia--(BUSINESS WIRE)--Rio Tinto and Hancock Prospecting will invest $1.61 billion (Rio Tinto share $0.8 billion) to develop the Hope Downs 2 iron ore project in Western Australia's Pilbara region. The Hope Downs 2 project, to mine Rio Tinto and Hancock Prospecting's Hope Downs 2 and Bedded Hilltop deposits, has now received all necessary State and Federal Government approvals. The two new above-water-table iron ore pits will have a combined total annual production capacity of 31 mi.
