Rio Tinto announces that it has approved a US$77 million (A$110 million) pre-feasibility study (PFS) to advance the development of the Rhodes Ridge project, billed as 'one of the world's best undeveloped iron ore deposits', in Western Australia.

The start-up of a PFS follows the completion of an order-of-magnitude study which envisaged the development of an operation with an initial capacity of up to 40 million tonnes per annum, subject to relevant approvals.

The PFS is expected to be completed by the end of 2025 and will be followed by a feasibility study. First ore from the initial development is expected by the end of this decade.

Rio Tinto plans to spend more than A$400 million on exploration over five years, from 2024 to 2028, as part of the ongoing study phases.

According to the Group, Rhodes Ridge contains 6.8 billion tonnes of mineral resources at an average grade of 61.6% Fe, including 5.3 billion tonnes at 62.2% Fe and 0.6 billion tonnes at 63.9% Fe.

Copyright (c) 2023 CercleFinance.com. All rights reserved.