Rio Tinto (RIO) said late Wednesday it will allocate $1.8 billion to develop the Brockman Syncline 1 mine extension project, or BS1, located in the Pilbara region of Western Australia.
BS1 has received all necessary state and federal government approvals with construction expected to begin in 2025. First ore from the project is now expected by 2027, one year earlier from previous forecasts.
The project is estimated to process up to 34 million tonnes of iron ore annually and is expected to employ about 600 workers once operational.
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