On August 9th, according to First Financial, Simon Trott, CEO of Rio Tinto's iron ore business, stated in an interview with reporters today that the joint venture iron ore project between Rio Tinto and China Baowu Iron and Steel Group in the Western Range of the Pilbara region in Western Australia will officially start production in 2025, but it will take several years to reach an annual output of 25 million tons. The Xipo Iron Mine project is 54% owned by Rio Tinto Group and 46% owned by China Baowu. Both parties will invest $2 billion to develop the mine. Regarding future ore supply, Joad revealed that Rio Tinto hopes to achieve an annual production scale of 345-360 million tons, with a production of approximately 340 million tons last year. Therefore, new mines need to be mined to achieve the expected output.