Name of the Project
Rhodes Ridge iron-ore project.

Location
East Pilbara, in Western Australia.

Project Owner/s
Rhodes Ridge Joint Venture (RRJV). Global mining group Rio Tinto is the operator and has a 50% share in the project.

Japanese conglomerate Mitsui & Co announced a proposed $5.34-billion acquisition of a 40% stake in the Rhodes Ridge iron-ore project on February 19, 2025.

As part of the transaction, Mitsui will acquire VOC Group’s 25% interest in Rhodes Ridge for $3.34-billion, and has signed a heads of agreement with AMB Holdings to acquire a 15% stake for $2-billion. AMB Holdings will retain a 10% interest in the project.

Project Description
Rhodes Ridge is one of the world’s best undeveloped iron-ore deposits. It contains 6.8-billion tonnes of mineral resources at an average grade of 61.6% iron, including 5.3-billion tonnes at 62.2% iron and 600-millon tonnes at 63.9% iron.

An order of magnitude study has proposed the development of an operation with initial capacity of up to 40-million tonnes a year, subject to relevant approvals.

The development will use Rio Tinto’s rail, port and power infrastructure.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
Not stated.

Planned Start/End Date
First ore production is anticipated by 2030.

Latest Developments
Mitsui’s proposed acquisition of a 40% interest in the RRJV from Rio Tinto’s partners remains subject to regulatory approvals and other closing conditions.

The prefeasibility study remains on track to be completed in 2025, subject to relevant approvals.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Rio Tinto, tel +61 8 9327 2000 or email media.enquiries@riotinto.com.