Rio Tinto Group (ASX:RIO) will invest $1.8 billion to develop the Brockman Syncline 1 mine iron ore project in Western Australia according to a Thursday Australian bourse filing.
The project will have the capacity to process up to 34 million tonnes per annum of iron ore, leveraging existing plants, with the first ore now scheduled for 2027.
Construction, including a primary crusher and overland conveyor, a non-process infrastructure precinct, and a temporary camp for construction workers, will begin in the ongoing year.
The project has received all necessary state and federal government approvals.
It is also working on the pre-feasibility study for Rhodes Ridge, targeting an initial capacity of up to 40 million tonnes per annum of iron ore and first ore by 2030.
The mining giant's shares fell almost 2% in recent trading on Thursday.
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