At a time when iron ore prices are sluggish, Rio Tinto, along with the "mining queen", is developing the new Pilbara iron ore mine.

According to the iFinance app, the global iron ore giant Rio Tinto Group (RIO.US), headquartered in the UK, has announced a partnership with Australia's richest woman, Gina Rinehart, who is known as the "mining queen." They will develop a new iron ore mine in the Pilbara mining center worth up to $1.6 billion, with an annual production capacity of 31 million tons. Rio Tinto's move comes at a time when iron ore prices are extremely weak, but the company remains committed to its core strategy of "steady profits with volume and crossing cycles with low costs." It aims to lock in future iron ore resources and profit expectations for the next decade by leveraging existing infrastructure and sharing capital with partners in a weak market.