TABJ Sep 1 - Rio Tinto, one of the world’s leading mining companies has joined forces with Hope Downs Iron Ore Pty to build a new mine in Australia.

Rio will work with Hope Downs to create the Hope Downs 4 iron ore project which will link to Rio’s already existing rail infrastructure.

The companies will spend about 1.2 billion dollars to develop the new mine. Hope Downs, is owned by Gina Rinehardt, who is Australia’s richest woman.

Rio will pay 607 million dollars and Hope downs the rest for the 1.2 billion dollar investment.