With the increasing attention to mineral resources, the cost of copper mining and environmental issues have led to more and more cooperative development among copper mining companies. Rio Tinto recently announced that it will cooperate with First Quantum Minerals Ltd. to develop the La Granja copper mine in Peru. First Quantum will operate the La Granja project as a majority shareholder.
According to mining news, Rio Tinto announced that it has reached an agreement with First Quantum, and the two parties will form a joint venture to unlock the development of the La Granja copper mine project in Peru, one of the largest undeveloped copper mines in the world. It is reported that First Quantum will acquire a 55% stake in the project for $105 million, and has committed to further invest up to $546 million in the joint venture to provide funding and operating costs for the feasibility study and development of the project. The transaction is expected to close by the end of the third quarter of 2023.
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