WESTERN AUSTRALIA - The mine development application for the Hope Downs iron ore project has been submitted to the Australian government by equal partners RIO TINTO of London, U.K., and HANCOCK PROSPECTING.
"The Hope Downs project will be one of the most significant mine developments in Rio Tinto Iron Ore's 40-year history," said chief executive Same Walsh. "We have been working closely with the Hancock Prospecting board to put all aspects of the project in place, including integrating the railway line into our existing Pilbara Iron rail network. We have also used proven mining methodology from our West Angelas mine as the engineering model for Hope Downs."
The Rio Tinto/Hancock joint venture includes three Hope Downs deposits and three East Angelas deposits. The six areas of mineralization total 450 million tonnes of reserves and 850 million tonnes of resources. Rio Tinto expects about 70% of the Hope Downs iron ore will be shipped to the Chinese market and the remainder to other Asian and European customers. The project could ship as much as 30 million tonnes of iron ore yearly.
Search the Rio Tinto website at www.RioTinto.com for additional information.