Rio Tinto Group Says Western Australia Iron Ore Project Joint Venture Commits $191 Million for Feasibility Study

MT Newswires Live12-16

Rio Tinto Group (ASX:RIO) said that the Rhodes Ridge joint venture approved a $191 million feasibility study to progress development of the first phase of the Rhodes Ridge iron ore project in Western Australia, according to a Tuesday statement.

Rio Tinto holds a 50% stake, Mitsui a 40% stake, and AMB Holdings a 10% interest in the joint venture.

Rio Tinto will contribute $96 million to the total $191 million.

The partners plan to invest a further $146 million on exploration between 2026 and 2028 as part of ongoing study phases. The feasibility study will assess the development of an operation with an initial annual production capacity of 40 to 50 million tonnes of iron ore.

Rio Tinto's shares rose over 1% in early trading on Tuesday.

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