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Australia's Rio Tinto , and Hancock Prospecting will invest $1.61 billion to develop the Hope Downs 2 iron ore project in Western Australia's Pilbara region, Rio Tinto said on Tuesday.

Rio Tinto and Hancock Prospecting have announced plans to invest $1.6bn in the Hope Downs 2 iron ore project in Western Australia's Pilbara region, with Rio Tinto's share being $800m.

SYDNEY–Rio Tinto and the mining business of billionaire Gina Rinehart will together invest $1.6 billion to develop two large iron-ore deposits in Western Australia’s Pilbara region.

Rio will invest $800 million in the joint venture, which it holds in equal partnership with Hancock. The venture will aim to mine iron ore deposits in the Hope Downs 2 project.

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Hope Downs 2 project, containing the Hope Downs 2 and Bedded Hilltop deposits, is a joint venture between Rio and Hancock Prospecting with both parties holding equal stakes.

According to Rio Tinto, Hope Downs 2 has received all necessary approvals and is set to sustain production from the Hope Downs joint venture, in which Rio Tinto and Hancock are equal partners.

Rio Tinto and Hancock Prospecting will invest $1.61 billion (Rio Tinto share $0.8 billion) to develop the Hope Downs 2 iron ore project in Western Australia’ ...

Global mining giants Rio Tinto and Hancock Prospecting have received all necessary state and federal government approvals for the Hope Downs 2 iron ore project 80 kilometres north-west of Newman.