Rio Tinto begins $294m Pilbara joint venture feasibility study
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The news: Mining giant Rio Tinto has announced it will progress a $294 million joint venture feasibility study to develop the Rhodes Ridge project in Western Australia’s Pilbara.
The numbers: The Rhodes Ridge Joint Venture is 50% owned by Rio Tinto, 40% owned by a subsidiary of Japanese conglomerate Mitsui and 10% owned by a subsidiary controlled by AMB Holdings.
The $294 million feasibility study will investigate development of the first stage of Rhodes Ridge, which will have an initial annual production capacity of 40 million to 50 million tonnes. Rio Tinto is contributing $147 million to the study.
The context: The feasibility study is expected to conclude in 2029. The study will look at “better ways to reduce its impact on the environment through minimising disturbance and reducing long-term closure impacts”, according to Rio Tinto.
The initial hub is expected to be in the northern part of the project and will leverage Rio’s existing rail, port and power infrastructure. First ore is expected by 2030 subject to regulatory approvals.
What they 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,” Rio Tinto Iron Ore chief executive Matthew Holcz said.
“Earlier this year the joint venture welcomed Mitsui into the project, confirming Rhodes Ridge as one of the best undeveloped iron deposits in the world. We’re excited to keep working with all our partners as we progress the feasibility study.”
The source: Rio Tinto media release
