Sumitomo Metal Mining Co Ltd Announces Joint Ventures and Partnerships
Sumitomo Metal Mining Co Ltd has entered into definitive agreements with Rio Tinto for the Winu copper-gold project in Western Australia. The joint venture will see Rio Tinto continue to develop and operate the project, with Sumitomo Metal Mining acquiring a 30% equity share.
Key Terms of the Agreement
- Sumitomo Metal Mining will pay up to $430.4 million for the equity share, consisting of:
- An initial payment of $195 million
- Potential deferred considerations
Additional Developments
Sumitomo Metal Mining has also completed a top-up right with Kenorland Minerals and Centerra Gold Inc. This development demonstrates the company’s commitment to expanding its mining operations and partnerships.
Project Overview
The Winu copper-gold project is a joint venture between Sumitomo Metal Mining and Rio Tinto. The project is located in Western Australia and will be developed and operated by Rio Tinto.