Rio Tinto to Sell Majority Stake in Peru Copper Project to First Quantum
March 30 2023 - 4:51PM
Dow Jones News
By Rhiannon Hoyle
First Quantum Minerals Ltd. will buy a majority stake in Rio
Tinto PLC's La Granja copper project in Peru, the companies
said.
Canada's First Quantum will acquire a 55% interest in what Rio
Tinto said it one of the largest undeveloped copper deposits in the
world for $105 million. First Quantum also pledged to invest up to
$546 million more in the joint venture to solely fund initial
capital and operational costs.
The deal is expected to be finalized by the end of the third
quarter of 2023, the companies said in separate statements.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
March 30, 2023 17:36 ET (21:36 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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