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Investing.com-- Rio Tinto Ltd (ASX:RIO) said it will invest $1.8 billion to develop an extension to its Brockman mine project in West Pilbara, Western Australia, to further bolster its iron ore operations.
Rio Tinto (NYSE:RIO) said the project had now received all necessary state and federal government approvals, as well as approvals from indigenous groups.
“Brockman 4 produced 43 million tonnes of iron ore in 2024. Securing this project extends the life of the Brockman hub,” Rio Tinto Iron Ore CEO Simon Trott said in a statement.
The extension is called Brockman Syncline, and will have the capacity to produce up to 34 million tonnes of iron ore per annum. First ore from the project is also due in 2027, earlier than prior estimates of 2028. Construction on the project will begin later in 2025.
Rio said about 1,000 jobs will be created during construction, and the project will have a workforce of about 600 workers.
The company is the world’s biggest producer of iron ore, and is moving to ramp up production to position for a potential demand rebound in top importer China.
But Rio, along with peer BHP Group Ltd (ASX:BHP), has been grappling with a prolonged downturn in iron ore prices, amid jitters over increased U.S. trade tariffs.