Rio Tinto announced on December 4th local time that it has approved a $77 million (approximately AUD 110 million) pre feasibility study to advance the development of the Rhodes Ridge project in the eastern Pilbara region of Western Australia. The preliminary feasibility study is expected to be completed by the end of 2025, followed by a feasibility study. The first batch of ore developed in the initial stage is expected to be produced by the end of this decade. Rio Tinto plans to invest over AUD 400 million in exploration between 2024 and 2028. The mineral resources of Rhodes Ridge are 6.8 billion tons, with an average iron grade of 61.6%.