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Not on the evidence available today. The claim that Rhodes Ridge could make Angela Bennett worth as much as A$13 billion was a conditional estimate published by The West Australian on 21 October 2022—not a verified current valuation. It assumed a large mine was developed and relied on projections for production, iron ore prices and costs. The project remains in feasibility study and regulatory assessment, so that wealth outcome is not guaranteed.
Where the A$13 billion estimate came from
In 2022, The West Australian’s Neale Prior suggested Bennett could be worth up to A$13 billion if Rhodes Ridge were developed at a scale comparable to the 60-million-tonne Roy Hill project. The article also estimated that Wright Prospecting could earn about $1 billion in annual profit under a 40-million-tonne-per-year scenario, potentially exceeding $2 billion if operations expanded. Those figures were media estimates based on a comparison with Hope Downs, not audited forecasts or confirmed future earnings. Read the 2022 report in The West Australian.
A project’s resource, its annual production capacity, its profits and an owner’s personal net worth are different measures. Even if a mine is built, its output and profitability would depend on development decisions and operating conditions; any resulting value for Bennett would also depend on ownership, costs and the way wealth estimates are calculated. The cited material does not establish a current, independently verified net-worth figure for her.
Who owns Rhodes Ridge now?
Rio Tinto’s 16 December 2025 update lists the joint-venture interests as follows:
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Repair Windows errors before they cause bigger problemsFix Now →Scan for outdated or missing drivers - takes under a minuteDriver Scan →Clear out junk files and repair common Windows errorsFree Scan →| Partner | Interest |
|---|---|
| Rio Tinto | 50% |
| Mitsui | 40% |
| AMB Holdings | 10% |
AMB’s stake is held through a wholly owned Wright Prospecting subsidiary, managed and controlled by AMB. This current partner structure differs from the one described in the 2022 wealth story, which predates Mitsui joining. The shareholding means Wright Prospecting is connected to the project through AMB’s interest; it does not, by itself, translate into a particular personal net-worth figure for Bennett. Rio Tinto’s 2025 release gives the ownership and project update.
How large is the deposit—and how much could the mine produce?
The Government of Western Australia stated in 2022 that Rhodes Ridge contains 6.7 billion tonnes of iron ore, approximately one-third of Rio Tinto’s existing resource base at that time. That is a resource estimate, not an annual production figure or a promise that all of the material will be mined. The state government’s 2022 announcement provides that resource context.
Rio Tinto’s December 2025 update describes a staged project and distinguishes the initial study case from the larger potential capacity:
| Measure | Figure and meaning |
|---|---|
| Initial phase under feasibility study | 40–50 million tonnes of iron ore per year |
| Potential project-wide capacity | About 100 million tonnes per year; potential capacity, not the initial study case |
| Deposit resource cited by Western Australia | 6.7 billion tonnes, stated in 2022; a resource figure, not yearly output |
The 2022 article’s comparison with Roy Hill used a 60-million-tonne scale, while the current initial study case is 40–50 million tonnes per year. Neither that older comparison nor the potential 100-million-tonne capacity should be treated as a confirmed production plan.
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When could Rhodes Ridge start producing?
The joint venture approved a $191 million (A$294 million) feasibility study examining initial production capacity of 40–50 million tonnes per year. Rio Tinto said the study was expected to conclude in 2029 and first ore was expected by 2030, subject to regulatory approvals. These are project expectations published in December 2025, not a confirmed start date. Rio Tinto’s release sets out the study, staged capacity and timetable.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Has the project been approved?
Not in the sense of having all final approvals. The Western Australian Environmental Protection Authority describes the proposal as about 40 kilometres north-west of Newman. Its scope includes mining above and below the water table, ore processing, transport and handling, water management, renewable energy and support infrastructure. The EPA page records that a decision to assess was published in March 2024 and scoping was approved in November 2024. Those are assessment milestones, not blanket approval to build or operate a mine. The EPA’s project page records the assessment status.
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Rio Tinto says the project is being developed in partnership with Nyiyaparli Traditional Owners and identifies heritage and environmental considerations as part of the work. That statement does not establish that every consent or assessment milestone is complete.
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