Anglo-Australian multinational mining company Rio Tinto has agreed with Wright Prospecting to update a five-decade old joint venture to develop the Rhodes Ridge iron ore project in Australia.

Rio Tinto and Wright Prospecting own a 50% stake each in the joint venture that was set up back in 1972.

The agreement is aimed at modernizing the existing agreement to create a way for the development of the Rhodes Ridge deposits through the utilization of rail, port, and power infrastructure of Rio Tinto, including the 1GW renewable energy capacity planned to be installed in the Pilbara region.

Located in the East Pilbara in Western Australia, the Rhodes Ridge iron ore project holds one of the largest and highest quality undeveloped iron ore deposits in the world.

Simon Trott — Rio Tinto Iron Ore Chief Executive said: “Rhodes Ridge contains one of the biggest and best undeveloped iron ore deposits on the planet with proximate access to existing infrastructure. We are very excited we have been able to strengthen our relationship with Wright Prospecting and have a pathway to bring this high quality resource to market.

“With its significant resource base, the Rhodes Ridge project has the potential to underpin production of the Pilbara Blend in the decades ahead.”

As part of the update to the JV, Rio Tinto and Wright Prospecting have commenced an Order of Magnitude study.

Conducted by Rio Tinto, the study will assess the feasibility to develop the iron ore mine before the end of the decade, with an initial plant capacity of up to 40 million tonnes annually.

The development of the Rhodes Ridge iron ore project will depend on the receipt of required regulatory approvals.

The iron ore project in Western Australia is estimated to contain 5.8 billion tonnes of high grade mineral resources at an average grade of 62.3% Fe.

One-third of Rio Tinto’s existing Resource base in the Pilbara region comes from the total resource of 6.7 billion tonnes held by the Rhodes Ridge iron ore project at an average grade of 61.6% Fe.

Wright Prospecting spokesperson, commenting on the Rhodes Ridge iron ore mine, said: “We are delighted to have reached this important milestone for the Rhodes Ridge project. We look forward to partnering with Rio Tinto to develop this asset with a world-leading focus on climate, biodiversity and heritage.”

  Australia, iron ore, Pilbara region, Rhodes Ridge project, Rio Tinto, Simon Trott, Western Australia, Wright Prospecting