Rio Tinto and First Quantum to Form JV for La Granja Copper Project in Peru
March 31 2023 - 1:46AM
Dow Jones News
By Michael Susin
Rio Tinto PLC said Friday that it will form a joint venture with
the Canadian First Quantum Minerals Ltd. to develop the La Granja
copper project in Peru.
The miner said that First Quantum will acquire a 55% stake in
the project for $105 million, and commit to further invest up to
$546 million into the joint venture to take the project through a
feasibility study and the development works.
The deal is expected to complete by the end of the third quarter
of 2023.
The company added that La Granja has the potential to be a
large, long-life operation, with an indicated and inferred mineral
resource totaling 4.32 billion tones at 0.51% copper.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
March 31, 2023 02:31 ET (06:31 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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