Mining giant Rio Tinto Ltd
(ASX:RIO) is reportedly planning to develop a new project in the Pilbara with Hancock Prospecting with an aim to start mining in 2012.
The Australian reports that if approved the project, to be known as Hope Downs 4, is to start producing up to 30 million tonnes of iron ore a year.
The paper says Rio and Hancock looked at the possibility of developing Hope Downs 4 more than two years ago but plans were scrapped after the global financial crisis hit.
Rio Tinto has expressed plans to expand its operations in the Pilbara and aims to get production to 330 million tonnes a year.
Rio Tinto’s profit for 2008 came to $5.3 billion.
