Diversified miner Rio Tinto has formed a joint venture (JV) with fellow major First Quantum over the development of the La Granja copper project, in Peru. Following the completion of conditions including regulatory approvals from the government of Peru, First Quantum has acquired a 55% stake in the project for $105-million. It will invest up to a further $546-million into the JV to sole fund capital and operational costs to take the project through a feasibility study and toward development.
PERTH – Diversified miner Rio Tinto has formed a joint venture with fellow major First Quantum over the development of the La Granja copper project, in Peru.
Upon completion of the sole funding commitment, all subsequent expenditures will be applied on a pro-rata basis according to the share ownership of the project. “La Granja has the potential to be a large, long-life operation and supply the copper that will be needed as the world transitions to the greener economy and where responsible mining will be the only acceptable way to produce metals,” said First Quantum CEO“Adding this major project to our portfolio will give First Quantum future optionality in the company’s project pipeline while we focus on strengthening the balance sheet in the interim.
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