Rio Tinto has announced a $US1.8 billion ($A2.8 billion) investment to extend its Brockman mine in the Pilbara, after receiving the green light for the project.
Rio Tinto has announced a $US1.8 billion ($A2.8 billion) investment to extend its Brockman 4 mine in the Pilbara, after receiving the green light for the project.
The mining giant today announced the Brockman Syncline 1 mine project in west Pilbara had received all necessary state and federal government approvals.
Rio Tinto said the capital for the project was included in the group's replacement capital guidance.
BS1 is estimated to process up to 34 million tonnes of iron ore a year with first ore scheduled for 2027.
The Brockman Syncline 1 project, about 60 kilometres north-west of Tom Price, comprises development of new deposits and extensions to Rio Tinto's existing operations to sustain overall mining volumes.
Construction of the BS1 mine started this year and includes a crusher, overland conveyor, a non-process infrastructure precinct, and a temporary workers’ camp.
BS1, part of the greater Brockman hub, is one mine in Rio Tinto’s tranche of replacement projects, which includes Western Range, West Angelas, Hope Downs 1 and Greater Nammuldi.
Rio Tinto Iron Ore chief executive Simon Trott said securing the BS1 project extended the life of the Brockman hub.
"This is good for our business, good for Western Australia and good for the Australian economy," he said.
“Rio Tinto has been mining iron ore in the Pilbara for almost six decades and our tranche of new mines will ensure we can continue to supply the globe’s ongoing need for iron ore, for decades to come.”
Mr Trott said Brockman 4 produced 43mt of iron ore in 2024.
According to Rio, Western Range is more than 90 per cent completed, with first production due in the first half of this year, while Hope Downs 1 and West Angelas sustaining projects await the necessary approvals.
Rio Tinto said work was continuing on the pre-feasibility study for Rhodes Ridge, which has a target initial capacity of up to 40mtpa and first ore by 2030.
Last month, Mitsui & Co acquired the Wright Family's VOC Group's 25 per cent interest and Angela Bennett's AMB Holding's 15 per cent stake in Rhodes Ridge for $US5.3 billion.
Shares in Rio Tinto were trading down 2.07 per cent today, at $115.07 each as of 3.59pm AEDT.
