LONDON (dpa-AFX) - Rio Tinto (RTPPF.PK, RIO.L, RIO, RTNTF.PK) and Sumitomo Metal Mining Co announced that they have signed the final joint venture agreements to deliver the Winu copper-gold project, located in the Great Sandy Desert region of Western Australia.
Under the agreements, Rio Tinto will continue to develop and operate Winu, and SMM will pay Rio Tinto up to $430.4 million for a 30% equity share of the project. This includes $195 million up front and up to $235.4 million in deferred considerations contingent on future milestones.
The companies will also continue to work together to develop a broader strategic partnership to explore opportunities for commercial, technical and strategic collaboration across copper, other base metals and lithium.
The transaction is expected to close in 2025.
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