Rio tinto and hancock prospecting to invest $1.6 billion to develop the hope downs 2 project in western australia's pilbara

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.
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