Rio Tinto and First Quantum partners for the La Granja copper project

Rio Tinto (ASX:RIO) and First Quantum Minerals have entered into a joint venture to develop the La Granja copper project in Cajamara, Northern Peru. La Granja is one of the world’s largest undeveloped copper deposits, with an estimated 4.32 billion tonnes at 0.51% copper. Under the proposed transaction, First Quantum will acquire a 55% stake in the project for AU$105 million and invest up to AU$546 million to fund capital and operational costs to take the project via a feasibility study and towards development.

Rio Tinto acquired the La Granja project from the Government of Peru in 2006 and has carried out an extensive drilling program that has significantly expanded the declared resource and understanding of the orebody. The transaction is expected to complete by the end of Q3 2023, subject to the satisfaction of regulatory approvals. Rio Tinto and First Quantum have also entered into a memorandum of understanding for strategic cooperation globally in copper and other base metals exploration and project development.

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