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Rio Tinto Ltd (ASX: RIO) and BHP Group Ltd (ASX: BHP), two of the world’s largest mining companies, have announced a new agreement to collaborate on iron ore mining operations in Western Australia’s Pilbara region. The companies confirmed they have signed a non-binding memorandum of understanding (MoU) to jointly explore mining up to 200 million tonnes of iron ore from their neighbouring Yandicoogina and Yandi operations, strengthening their long-standing partnership in one of the world’s most important iron ore hubs.
Under the proposed collaboration, the miners will assess the development of Rio Tinto’s Wunbye iron ore deposit, while BHP will potentially supply iron ore from its Yandi mine to Rio Tinto for processing. Both companies said the agreement aims to unlock operational efficiencies, reduce development costs, and maximize the value of existing infrastructure in the Pilbara, a region critical to global iron ore supply.
The partnership builds on previous successful collaborations between Rio Tinto and BHP. Most recently, the two companies entered a similar agreement in 2023 that allowed for the joint mining of ore along a shared boundary at another Pilbara project. This new initiative reflects a growing trend among major miners to cooperate on large-scale resource development to improve productivity and capital discipline.
As part of the MoU, Rio Tinto and BHP have agreed to move forward with a conceptual study on the Wunbye and Yandi deposits, followed by an order-of-magnitude study to evaluate the economic and technical feasibility of the project. If the studies progress as planned, first ore production from both deposits is expected in the early 2030s.
The announcement comes at a notable time for Rio Tinto, which recently confirmed it is in takeover discussions with Glencore. A potential deal between the two mining giants could create one of the world’s largest diversified mining companies, adding further strategic significance to Rio Tinto’s operational moves in iron ore.
With iron ore demand remaining strong due to global infrastructure and steel production needs, the proposed collaboration between Rio Tinto and BHP highlights the importance of strategic partnerships in securing long-term supply and maintaining leadership in the global mining industry.
