By Rhiannon Hoyle

Rio Tinto PLC said it has agreed to update a decades-old joint venture with Australia's Wright Prospecting Pty. Ltd. that could lead to the development of a massive untapped iron-ore deposit in the East Pilbara mining region.

"Rhodes Ridge contains one of the biggest and best undeveloped iron ore deposits on the planet with proximate access to existing infrastructure," said the head of Rio Tinto's iron ore business, Simon Trott. "We are very excited we have been able to strengthen our relationship with Wright Prospecting and have a pathway to bring this high-quality resource to market."

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

(END) Dow Jones Newswires

October 17, 2022 18:29 ET (22:29 GMT)

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