Rio Tinto approves US$1.6 billion investment in Hope Downs 4 mine

Rio Tinto announced an investment of US$1.6 billion to develop the Hope Downs 4 iron ore project in Western Australia and link with Rio Tinto's existing rail, power and port infrastructure in the Pilbara. Rio Tinto and its joint venture participant, Hope Downs Iron Ore Pty Ltd, will proceed with the development of the mine at an estimated capital cost of US$1.2 billion (Rio Tinto share US$607 million), to be shared equally by the JV partners. The new open-cut mine will have an annual capacity of 15 million t of high-quality iron ore, with first production anticipated in 2013.

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