Rio Tinto to Sell Majority Stake in Peru Copper Project to First Quantum
Provided by
Dow Jones
By Rhiannon Hoyle
First Quantum Minerals Ltd. will buy a majority stake in Rio Tinto PLC's La Granja copper project in Peru, the companies said.
Canada's First Quantum will acquire a 55% interest in what Rio Tinto said it one of the largest undeveloped copper deposits in the world for $105 million. First Quantum also pledged to invest up to $546 million more in the joint venture to solely fund initial capital and operational costs.
The deal is expected to be finalized by the end of the third quarter of 2023, the companies said in separate statements.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
March 30, 2023 17:36 ET (21:36 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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