Rio amends Rhodes Ridge agreement, starts studies on major mine

Diversified miner Rio Tinto has amended a joint venture (JV) agreement with Wright Prospecting, dating back to 1972, to allow for the development of the Rhodes Ridge iron-ore project, some 40 km from Newman. The Rhodes Ridge project is home to one of the world’s largest and highest quality undeveloped iron-ore deposits, containing 5.8-billion tonnes of high grade mineral resources at an average grade of 62.3% iron. The project’s total resource - 6.7-billion tonnes at an average grade of 61.6% iron - represents approximately one-third of Rio’s existing resource base in the Pilbara.