Rio Tinto Group (ASX:RIO) plans to invest more than $13.3 billion over the next three years in new mines, plants, and equipment in Western Australia's Pilbara region, following an $8.5 billion investment in the area, according to a Thursday filing with the Australian bourse.
The company is exploring the Rhodes Ridge project in Pilbara, which it believes could become Australia's largest iron ore mine, with potential annual production surpassing 100 million tonnes, the filing said.
In March, the company said it would invest $1.8 billion to develop the Brockman Syncline 1 mine iron ore project in Western Australia.
Rio Tinto is 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.
Shares of the company fell past 1% in recent Thursday trade.
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