Rio Tinto and Sumitomo Metal Mining have signed the final joint venture agreements to deliver the Winu copper-gold project in Western Australia following a December announcement of the partnership.
Under the agreements, Rio Tinto will continue to develop and operate Winu, and Sumitomo 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 parties 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.
“Our relationship with [Sumitomo] began in 2000 with our partnership at the Northparkes mine in New South Wales and we look forward to bringing our combined experience and expertise to deliver the Winu project,” said Rio Tinto Copper Chief Executive Katie Jackson.
“This partnership is an excellent fit for Rio Tinto and will strengthen the project, as we continue to prioritise the strong and enduring partnerships built to date with the land’s Traditional Owners, the Nyangumarta and the Martu.”
The transaction is expected to close in 2025, subject to regulatory approvals and the satisfaction of customary conditions.
Source: Rio Tinto