The property has geologic features that are analogous to the giant Udokan development project in Russia, which is the largest undeveloped copper project in the world.
Once completed, the mine will have an annual capacity of 43 million tonnes, underpinning output of the Pilbara Blend, Rio Tinto’s flagship iron ore product.
The Toronto-based gold miner reported an adjusted net loss of $2.2m, or roughly $0 per share, falling short of analysts' expectations of $0.01 per share.