Rio Tinto and Sumitomo Metal Mining Sign Final Joint Venture Agreement for Winu Copper-Gold Project in Western Australia

On May 12 (Monday), Rio Tinto announced on its official website that it and Sumitomo Metal Mining (SMM) had signed a definitive joint venture agreement for the Winu copper-gold project in Western Australia, with the transaction expected to be completed this year.

Katie Jackson, CEO of Rio Tinto's Copper division, and Hideyuki Okamoto, Director of SMM, signed the definitive joint venture agreement in Perth. The two companies had previously signed a letter of intent for investment in December 2024.

The Winu project is an attractive, low-risk, long-life copper-gold deposit discovered by Rio Tinto in 2017. It is believed that the expansion prospects will be excellent after initial development.

Katie Jackson, CEO of Rio Tinto's Copper division, said, "Our partnership with SMM began in 2000 when we collaborated at the Northparkes mine in New South Wales, and we look forward to bringing our combined experience and expertise to the Winu project."

"This partnership is a great fit for Rio Tinto and will strengthen the project."

Hideyuki Okamoto, Director of SMM, said, "We are very pleased to resume our long-term partnership with Rio Tinto and leverage our experience to realize the extraordinary potential of the Winu project."

Under the agreement, Rio Tinto will continue to develop and operate the Winu project, while SMM will pay Rio Tinto up to $430.4 million to acquire a 30% stake in the project. This includes an upfront payment of $195 million and a deferred payment of $235.4 million.

The two parties will continue to collaborate to develop a broader strategic partnership, exploring commercial, technical, and strategic cooperation opportunities in copper, other base metals, and lithium.

The transaction is expected to be completed in 2025, subject to regulatory approvals and the fulfillment of typical conditions.