CITY OF MELBOURNE (dpa-AFX) - On Monday, Rio Tinto Group (RIO) and the Western Australian Government announced a non-binding agreements with Yindjibarndi WaterCo. for sale of their joint venture shares in the Dampier Seawater Desalination Plant. The mining and mineral resourcing company and the Western Australian company are 50:50 joint venture partners in the Dampier Seawater plant.
Yindjibarndi WaterCo. has a construction budget of A$1.1 billion and is expected to provide 8 gigalitres of desalinated water into the West Pilbara Water Supply Scheme.
The terms of the transaction are confidential, with the sale price depending on construction costs and related factors. A binding deal is targeted by the end of the year.
As per the agreements, Rio Tinto will be responsible for the management of the construction activities for the plant, with operational control proposed to transfer to Yindjibarndi WaterCo following construction completion.
Construction of Stage 1 of the plant, which has an annual capacity of 4 gigalitres, is expected to complete in 2026. It is to reduce abstraction from the Bungaroo aquifer, which is culturally significant to the Robe River Kuruma People.
Construction of Stage 2 has commenced and thereby will add a further 4 gigalitres of annual capacity, with first water expected in 2027. The stage is projected to reduce pressure on the Millstream aquifer, which is culturally significant to the Yindjibarndi People.
In the overnight activity on the NYSE, the shares for Rio Tinto were trading 1.38 percent higher at $92.48, after closing Friday's trading 0.32 percent low.
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