Rio Tinto's $3.5 Billion Koodaideri Iron Ore Mine Is A Welcome Investment In WA, But It Ain't No Boom

Australia's three major iron ore miners have now committed to spending a total of almost $9 billion on new mining projects across Western Australia's Pilbara, creating thousands of new jobs.

Rio Tinto has confirmed it will spend $3.5 billion developing the Koodaideri iron ore mine near Newman, in what is set to become the most technologically advanced iron ore mine in the world.

It is expected to create more than 2,000 jobs during construction and 600 ongoing production roles.

Earlier this year, BHP announced it would construct its $4.7 billion South Flank mine in WA's central Pilbara and Fortescue Metals Group approved development of its $1.7 billion Eliwana mine.

There have also been significant investments in the development of lithium mines across the state on the back of growing demand for battery storage devices.

The large spending comes after a dearth of mining investment in the state over the past five years.