UK-Australian resources firm Rio Tinto and Australian producer Hancock Prospecting have invested $1.6bn into the Hope Downs iron ore project, supporting Rio's plan to maintain Western Australia (WA) ore grades and production levels as older mines close. The companies will build two new iron ore pits at the mine, increasing its capacity by 31mn t/yr, Rio Tinto said on 24 June. Australian federal and WA state authorities have both approved the development, it added. Rio Tinto's Hope Downs expansion is one of many projects it is working on. The company crushed its first load of iron ore at the 25mn t/yr Western Range ... (full story)