Rio Tinto has announced an investment of $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 develop the mine at an estimated capital cost of $1.2 billion, to be shared equally by the joint venture partners.

The new open-cut mine is expected to have an annual capacity of 15 million tons of high-quality iron ore, with first production anticipated in 2013.

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