05:40 AM EDT, 06/24/2025 (MT Newswires) -- Rio Tinto (RIO) and joint venture partner Hancock Prospecting said late Monday they will invest $1.6 billion to develop the Hope Downs 2 iron ore project in Western Australia.

The project has obtained all required state and federal government approvals.

The companies said that ore mined at the project's two sites will be transported to Hope Downs 1 for processing, with first ore from the deposits and associated infrastructure slated for 2027.

Rio Tinto shares were up 1.1% in recent premarket activity Tuesday.