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Copper March 31, 2023 10:00:43 PM

Rio Tinto Inked Pact with First Quantum to Develop Peru Copper Project

Paul Ploumis
ScrapMonster Author
Further to this, all subsequent expenditures will be applied on a pro-rata basis according to the share ownership of the project.

Rio Tinto Inked Pact with First Quantum to Develop Peru Copper Project

SEATTLE (Scrap Monster): Rio Tinto announced that it has signed a joint venture agreement with First Quantum Minerals to fast track the development of the La Granja copper project in Peru. The transaction is expected to complete by end-Q3 this year, subject to regulatory approvals.

As per agreement, First Quantum will acquire a 55% stake in the project at an investment of $105 million. Furthermore, it commits to invest up to $546 million into the joint venture to fund capital and operational costs to take the project through a feasibility study and toward development. Further to this, all subsequent expenditures will be applied on a pro-rata basis according to the share ownership of the project.

Bold Baatar, Chief Executive, Rio Tinto noted that La Granja is an exciting but complex project that has the potential to be a significant new source of the copper. The company is pleased to enter into agreement with First Quantum, which in turn will bring the combined development capabilities and deep knowledge of La Granja to progress the project, Baatar added.

Rio Tinto had acquired the La Granja Project from the Government of Peru in 2006.

The two companies have also entered into a MoU for strategic cooperation globally in copper and other base metals exploration and project development.

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