Rio Tinto and Wright Prospecting Pty Ltd have agreed to streamline their joint venture covering the Rhodes Ridge project located in Western Australia.
A binding joint venture between Rio Tinto and Wright Prospecting that was first announced in 1972 has been updated, and it now offers a way to develop the Rhodes Ridge deposits while using Rio Tinto’s rail, port, and power infrastructure.
The parties have begun an Order of Magnitude study, led by Rio Tinto, to evaluate the development of an operation with an initial plant capacity of up to 40 million tonnes per year by the end of the decade, subject to the obtaining of necessary licences.
According to Rio Tinto, Rhodes Ridge is home to 5.8 billion tonnes of high-quality Mineral Resources with an average grade of 62.3 per cent Fe. The overall resource of the project, 6.7 billion tonnes at an average grade of 61.6 per cent Fe, constitutes almost one-third of Rio Tinto’s existing Pilbara resource base. To support future project investigations, a resource drilling program is presently ongoing.
Rio Tinto Iron Ore Chief Executive Simon Trott said one of the largest and greatest untapped iron ore reserves on earth is located near existing infrastructure in Rhodes Ridge. Trott expressed Rio Tinto’s excitement as it strengthens its relationship with Wright Prospecting.
“With its significant resource base, the Rhodes Ridge project has the potential to underpin production of the Pilbara Blend in the decades ahead. We are committed to working closely with the Traditional Owners, the Nyiyaparli and Ngarlawangga People, to ensure sites of significant cultural, environmental, and biodiversity value are protected as part of any future development at Rhodes Ridge. Consistent with our revised approach for new operations, a co-management approach to any future mining activity will be developed in partnership with Traditional Owners,” Trott added.
A spokesperson for Wright Prospecting said the company is delighted to have attained the significant 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,” the spokesperson stated.
Rio Tinto’s existing rail, port, and power infrastructure will be used in the joint venture, including the projected installation of 1 gigawatt of renewable energy assets in the Pilbara.
