{"id":10641,"date":"2024-12-06T11:38:18","date_gmt":"2024-12-06T11:38:18","guid":{"rendered":"https:\/\/digitaltradecenter.com\/index.php\/2024\/12\/06\/rio-tinto-and-sumitomo-partner-to-advance-winu-copper-gold-project\/"},"modified":"2024-12-06T11:38:18","modified_gmt":"2024-12-06T11:38:18","slug":"rio-tinto-and-sumitomo-partner-to-advance-winu-copper-gold-project","status":"publish","type":"post","link":"https:\/\/digitaltradecenter.com\/index.php\/2024\/12\/06\/rio-tinto-and-sumitomo-partner-to-advance-winu-copper-gold-project\/","title":{"rendered":"Rio Tinto and Sumitomo Partner to Advance Winu Copper-Gold Project"},"content":{"rendered":"<\/p>\n

Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) has signed a term sheet with Sumitomo Metal Mining (TSE:5713) for a joint venture to advance the Winu copper-gold project in Western Australia. <\/strong><\/p>\n

The partnership, announced on Wednesday (December 4), seeks to develop both companies\u2019 exploration initiatives.<\/p>\n

Sumitomo will acquire a 30 percent equity stake in the Winu project for US$399 million, including an initial payment of US$195 million and US$204 million in deferred considerations tied to project milestones and other conditions. <\/p>\n

Rio Tinto will retain a 70 percent interest and will remain the project\u2019s managing partner.<\/p>\n

The companies believe that Winu, which was discovered by Rio Tinto in 2017 near its Pilbara iron ore assets, has the potential for long-term growth and resource expansion. A prefeasibility study is scheduled for completion in 2025, and will look at an initial processing capacity of up to 10 million metric tons per year.<\/p>\n<\/p>\n

The partnership leaves room for further collaboration between Rio Tinto and Sumitomo through a letter of intent. Future opportunities to explore for copper, other base metals and lithium are a strong point of shared interest.<\/p>\n

In its announcement,<\/u> Rio Tinto also emphasizes its ongoing engagement with the Nyangumarta Traditional Owners, with negotiations for project agreements continuing as a priority. The company is also in ongoing collaboration with the Martu Traditional Owners on the Karlkayn airstrip, a related infrastructure project.<\/p>\n

Also next year, an environmental review document is slated for submission under the Environmental Protection Authority’s environmental impact assessment process.<\/p>\n

Rio Tinto and Sumitomo anticipate that definitive agreements for the Winu joint venture will be finalized in the first half of 2025, subject to regulatory approvals and customary conditions.<\/p>\n

The companies are positioning themselves to address increasing demand for copper and gold.<\/p>\n

The Winu plans also continue Rio Tinto\u2019s approach of achieving a favorable position in the ongoing energy transition \u2014 the company recently announced plans to acquire Arcadium Lithium (NYSE:ALTM,ASX:LTM).<\/span><\/p>\n

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.<\/strong><\/p>\n<\/p>\n

This post appeared first on investingnews.com<\/div>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) has signed a term sheet with Sumitomo Metal Mining (TSE:5713) for a joint venture to advance the Winu copper-gold project in Western Australia. The partnership, announced on Wednesday (December 4), seeks to develop both companies\u2019 exploration initiatives. Sumitomo will acquire a 30 percent equity stake in the Winu project for US$399 million, <\/p>\n","protected":false},"author":1,"featured_media":10642,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[],"class_list":{"0":"post-10641","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing"},"_links":{"self":[{"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/posts\/10641","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/comments?post=10641"}],"version-history":[{"count":0,"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/posts\/10641\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/media\/10642"}],"wp:attachment":[{"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/media?parent=10641"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/categories?post=10641"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/tags?post=10641"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}