Rio Tinto and the traditional owners of the Pilbara region in Western Australia have struck a deal that will see the mining giant invest $2 billion in the local community over 40 years while the company has access to massive iron ore deposits.

 

In addition to cash payments of $3,500 per individual per year, the company has pledged investment in housing, business capital and scholarships over the coming decades.

 

The agreement, if expanded on at a later date, stands to be the largest Native Title land use agreement in the nation’s history.

 

It will allow Rio to construct 40 new iron ore mines over an area of 70,000 square kilometres over the life of the contract.

 

The contract also stipulates that Rio’s local workforce in the Pilbara region will be comprised of at least 14% from the local Indigenous community while another clause grants protection to local significant sites.