Rio Tinto Jointly Invests $1.6B in Hope Downs 2 Project in Pilbara

Rio Tinto Group RIO 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 ProjectThe 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 InvestmentThe 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 PerformanceIn 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 ConsiderRio Tinto currently has a Zacks Rank #3 (Hold).Some better-ranked stocks from the basic materials space are Carpenter Technology Corporation CRS, SSR Mining Inc. SSRM and ATI Inc. ATI. 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.Only $1 to See All Zacks' Buys and SellsWe're not kidding.Several years ago, we shocked our members by offering them 30-day access to all our picks for the total sum of only $1. No obligation to spend another cent.Thousands have taken advantage of this opportunity. Thousands did not - they thought there must be a catch. Yes, we do have a reason. We want you to get acquainted with our portfolio services like Surprise Trader, Stocks Under $10, Technology Innovators,and more, that closed 256 positions with double- and triple-digit gains in 2024 alone.See Stocks Now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ATI Inc. (ATI): Free Stock Analysis Report Rio Tinto PLC (RIO): Free Stock Analysis Report Carpenter Technology Corporation (CRS): Free Stock Analysis Report Silver Standard Resources Inc. (SSRM): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks