Billionaire Gina Rinehart and Rio Tinto have received the final approval to develop their joint venture iron ore mine in Western Australia for $US1.2 billion ($1.12bn).
The WA government yesterday granted a special license to Rio and Mrs Rinehart’s company Hancock Prospecting, to build a 53km railway line for the soon-to-be-developed Hope Downs 4 iron ore mine, north of Newman, in the Pilbara region.
It also approved an electricity transmission line to connect the mine to existing infrastructure at the Hope Downs 1 mine, also a joint venture between Hancock Prospecting and Rio.
The rail and power project is estimated to be worth more than $400 million and will generate up to 600 jobs. On top of that, WA Premier Colin Barnett said the new mine would create about 1,500 jobs.