Rio Tinto and Hope Downs Iron Ore Pty Ltd are going to form a JV company to co-work from 4 iron ore projects in Western Australia which will share the current Rio Tinto's existing rail, power and port infrastructure in the Pilbara.
The projects of the mines are estimated capital cost of US$1.2 billion to be shared equally by the JV partners.
The new open cut mine will have an annual capacity of 15 million toes of high quality iron ore, with first production anticipated in 2013.
Construction is anticipated to commence in early 2011, subject to obtaining necessary regulatory and other approvals.
News Date 9/1/2010 10:04:38 AM reported by Ellen Huang
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