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Rio Tinto Jointly Invests $1.6B in Hope Downs 2 Project in Pilbara
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Key Takeaways
RIO will invest $800M in the $1.6B Hope Downs 2 iron ore project with Hancock in Pilbara.
The project will produce 31Mtpa from two deposits, with output sent to Hope Downs 1 for processing.
Production will start in 2027, supporting 950 construction jobs and 1,000 operational roles long term.
Rio Tinto Group (RIO - Free Report) announced plans to invest $1.6 billion with Hancock Prospecting to develop the Hope Downs 2 iron ore project in Western Australia's Pilbara region, where Rio Tinto's share will be $800 million. RIO's investment in these projects underscores its commitment to Australian iron ore and the long-term sustainability of Pilbara's production.
Details of Rio Tinto’s Hope Downs 2 Project
The Hope Downs 2 project involves developing two iron ore pits at the Hope Downs 2 and Bedded Hilltop deposits. This is expected to produce 31 million tons per year, significantly contributing to the joint venture's long-term production output.
The project has secured all required state and federal government approvals, reaching a milestone for Rio Tinto as it invests in the Pilbara's next-generation iron ore mines.
The project involves building infrastructure, including railway crossings and haul roads, and realigning 6km of the Great Northern Highway. Ore from the two sites will be transported to Hope Downs 1 for processing, with production expected to start in 2027. As part of Rio Tinto's replacement projects in the Pilbara, Hope Downs 2 will contribute to a combined capacity of approximately 130Mtpa.
RIO expects the project to create more than 950 jobs during construction and support around 1,000 full-time roles once operational.
RIO’s Focus on Mine Investment
The company is set to invest more than $13 billion in new mines, plants, and equipment between 2025 and 2027.
In May 2025, the company announced that it would invest $1.2 billion (CAD $1.7 billion) to modernize its 100-year-old Isle-Maligne hydroelectric power plant in Quebec, Canada. This is RIO’s most significant investment in its hydroelectric assets in more than seven decades.
Rio Tinto Stock's Price Performance
In the past year, shares of Rio Tinto have lost 8.7% compared with the industry’s 0.2% decline.
Carpenter Technology has an average trailing four-quarter earnings surprise of 11.1%. The Zacks Consensus Estimate for CRS’ 2025 earnings is pegged at $7.20 per share, which indicates year-over-year growth of 51.9%. Carpenter Technology shares have skyrocketed 111% last year.
SSR Mining has an average trailing four-quarter earnings surprise of 58.8%. The Zacks Consensus Estimate for SSRM’s 2025 earnings is pegged at $1.14 per share, implying year-over-year growth of 307%. SSR Mining’s stock has soared 88.6% last year.
ATI has an average trailing four-quarter earnings surprise of 12.54%. The Zacks Consensus Estimate for ATI’s 2025 earnings is pegged at $3.01 per share, indicating year-over-year growth of 22.4%. ATI shares have jumped 54% last year.
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Rio Tinto Jointly Invests $1.6B in Hope Downs 2 Project in Pilbara
Key Takeaways
Rio Tinto Group (RIO - Free Report) announced plans to invest $1.6 billion with Hancock Prospecting to develop the Hope Downs 2 iron ore project in Western Australia's Pilbara region, where Rio Tinto's share will be $800 million. RIO's investment in these projects underscores its commitment to Australian iron ore and the long-term sustainability of Pilbara's production.
Details of Rio Tinto’s Hope Downs 2 Project
The Hope Downs 2 project involves developing two iron ore pits at the Hope Downs 2 and Bedded Hilltop deposits. This is expected to produce 31 million tons per year, significantly contributing to the joint venture's long-term production output.
The project has secured all required state and federal government approvals, reaching a milestone for Rio Tinto as it invests in the Pilbara's next-generation iron ore mines.
The project involves building infrastructure, including railway crossings and haul roads, and realigning 6km of the Great Northern Highway. Ore from the two sites will be transported to Hope Downs 1 for processing, with production expected to start in 2027. As part of Rio Tinto's replacement projects in the Pilbara, Hope Downs 2 will contribute to a combined capacity of approximately 130Mtpa.
RIO expects the project to create more than 950 jobs during construction and support around 1,000 full-time roles once operational.
RIO’s Focus on Mine Investment
The company is set to invest more than $13 billion in new mines, plants, and equipment between 2025 and 2027.
In May 2025, the company announced that it would invest $1.2 billion (CAD $1.7 billion) to modernize its 100-year-old Isle-Maligne hydroelectric power plant in Quebec, Canada. This is RIO’s most significant investment in its hydroelectric assets in more than seven decades.
Rio Tinto Stock's Price Performance
In the past year, shares of Rio Tinto have lost 8.7% compared with the industry’s 0.2% decline.
Image Source: Zacks Investment Research
RIO’s Zacks Rank & Stocks to Consider
Rio Tinto currently has a Zacks Rank #3 (Hold).
Some better-ranked stocks from the basic materials space are Carpenter Technology Corporation (CRS - Free Report) , SSR Mining Inc. (SSRM - Free Report) and ATI Inc. (ATI - Free Report) . Carpenter Technology currently sports a Zacks Rank #1 (Strong Buy), and SSR Mining and ATI carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Carpenter Technology has an average trailing four-quarter earnings surprise of 11.1%. The Zacks Consensus Estimate for CRS’ 2025 earnings is pegged at $7.20 per share, which indicates year-over-year growth of 51.9%. Carpenter Technology shares have skyrocketed 111% last year.
SSR Mining has an average trailing four-quarter earnings surprise of 58.8%. The Zacks Consensus Estimate for SSRM’s 2025 earnings is pegged at $1.14 per share, implying year-over-year growth of 307%. SSR Mining’s stock has soared 88.6% last year.
ATI has an average trailing four-quarter earnings surprise of 12.54%. The Zacks Consensus Estimate for ATI’s 2025 earnings is pegged at $3.01 per share, indicating year-over-year growth of 22.4%. ATI shares have jumped 54% last year.