By Michael Susin

 

Rio Tinto PLC said Friday that it will form a joint venture with the Canadian First Quantum Minerals Ltd. to develop the La Granja copper project in Peru.

The miner said that First Quantum will acquire a 55% stake in the project for $105 million, and commit to further invest up to $546 million into the joint venture to take the project through a feasibility study and the development works.

The deal is expected to complete by the end of the third quarter of 2023.

The company added that La Granja has the potential to be a large, long-life operation, with an indicated and inferred mineral resource totaling 4.32 billion tones at 0.51% copper.

 

Write to Michael Susin at michael.susin@wsj.com

 

(END) Dow Jones Newswires

March 31, 2023 02:31 ET (06:31 GMT)

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