Rio Tinto pours $389m into West Angelas sustaining project
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The news: Rio Tinto has announced that it will invest $389 million to develop the West Angelas Sustaining Project in Western Australia, as part of a $733 million investment with Japan's Mitsui and Nippon Steel.
The context: The project is part of the Robe River Joint Venture in WA's Pilbara region, designed to develop new iron ore deposits in the West Angelas hub.
It will leverage existing West Angelas processing infrastructure and includes the construction of new non-process infrastructure precincts and 22km of haul roads.
Ore mined at the new deposits will be trucked to the West Angelas hub, with first ore scheduled for 2027.
Rio Tinto said 600 jobs will be created during construction and the project will sustain a 950-strong workforce once operational.
The Robe River Joint Venture comprises Rio Tinto (53%), Mitsui (33%) and Nippon Steel (14%).
What they said: "The West Angelas hub has been an integral part of Rio Tinto Iron Ore since 2002," said Rio Tinto's iron ore CEO Matthew Holcz.
"Securing these approvals ensures ongoing investment in the hub as we continue to supply high-quality, reliable iron ore to meet our global customers' demand now and into the future."
The source: ASX
