LONDON (dpa-AFX) - Anglo-Australian mining company Rio Tinto Plc (RTNTF, RIO, RIO.L, RTPPF) said on Thursday that it would be investing a sum of $1.8 billion to develop the Brockman Syncline 1 mine project extension.
This investment is being done for the extended life of the Brockman region in West Pilbara of the Western Australia region and is expected to benefit the company's iron ore operations in the long run.
Rio Tinto said that the first ore is now scheduled for 2027, having earlier been expected to be done in 2028. The amount for the project is included in its replacement capital guidance, the company added.
According to the company, the project has secured all the required State and Federal Government approvals. It has been developed in collaboration with the Puutu Kunti Kurrama and Pinikura or PKKP Traditional Owners and the Muntulgura Guruma Traditional Owners.
The company said that BS1 is a large-scale investment within the Brockman region, including Brockman 4 and Greater Nammuldi. BS1 is expected to process up to 34 million tonnes per annum or Mtpa of iron ore, thus leveraging existing plants.
Rio Tinto said that around 1,000 people will get employment during the construction of the project and once it begins operations, BS1 will have a workflow of around 600 people.
Commenting on the deal, Rio Tinto Iron Ore Chief Executive Simon Trott said, 'Brockman 4 produced 43 million tonnes of iron ore in 2024. Securing this project extends the life of the Brockman hub. This is good for our business, good for Western Australia and good for the Australian economy.'
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