Rio Tinto's Rhodes Ridge JV Approves $191 Million Feasibility Study for Iron Ore Project

12:50 AM EST, 12/16/2025 (MT Newswires) -- Rio Tinto Group's (RIO.L) Rhodes Ridge joint venture approved a feasibility study worth $191 million for a development phase of the Rhodes Ridge project at the Pilbara iron ore mine in Australia. The joint venture will study a development with an initial annual production target between 40 million tonnes and 50 million tonnes of iron ore, according to a Monday release. The study is expected to be completed in 2029, with first ore from the project expected in 2030. The venture also plans to invest an additional $146 million for exploration between 2026 and 2028 during study phases. Mining giant Rio Tinto has a 50% share in the joint venture. Mitsui holds 40% and AMB Holdings holds a 10% stake