Rio Tinto has agreed to sell a 30% stake in its Winu copper-gold project in Australia to Japan's Sumitomo Metal Mining for $399 million. The deal includes an upfront payment of $195 million and a deferred payment of $204 million, contingent on development progress. Rio Tinto stated that the two companies will also explore further partnerships in copper, other base metals, and lithium.
The Winu copper-gold deposit, discovered by Rio Tinto in 2017, is located in the remote Great Sandy Desert of Western Australia and remains undeveloped. A pre-feasibility study for the mine's construction is expected by 2025. Rio Tinto aims to expand its copper operations, a key metal for electrification, although Winu is considered smaller compared to Chile's Escondida mine.
