Rio Tinto said it has approved a $77 million or A$110 million pre-feasibility study to progress development of the Rhodes Ridge project, undeveloped iron ore deposits, in the East Pilbara in Western Australia.
According to the company, the pre-feasibility study 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.
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.
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