Rio Tinto iron ore boss Simon Trott believes Australia’s best undeveloped iron ore project is a step closer to development after a preliminary agreement was struck with the heirs to the fortune of famous prospector Peter Wright to progress studies on the long stalled Rhodes Ridge project.
Rio and Wright Prospecting have agreed to modernise their 50-year-old joint venture and begin studies on a plan to bring Rhodes Ridge into production before 2030, in a deal that potentially unlocks a very large and high-grade source of iron ore.
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Peter Ker covers resource companies for The Australian Financial Review, based in Melbourne. Connect with Peter on Twitter. Email Peter at pker@afr.com
Brad Thompson writes across business and politics from Western Australia for The Australian Financial Review. Brad is based in our Perth bureau. Connect with Brad on Twitter. Email Brad at brad.thompson@afr.com
