US$1 billion Hope Downs mine development approved

Thursday, 27 April 2006

Rio Tinto today announced it will immediately start construction of the US$1 billion Hope Downs iron ore project in Western Australia, following Western Australian Government approval and the ratification of the Hope Downs Joint Venture.

Rio Tinto and its joint venture partner, Hancock Prospecting Pty Limited, will proceed with the development of the Hope Downs iron ore project at an estimated capital cost of US$590 million. Rio Tinto and Hancock Prospecting will share the mine development cost. Stage one will have an annual capacity of 22 million tonnes, with first production expected in early 2008. At the completion of Stage two the annual capacity of the mine will be 30 million tonnes.

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