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Yahoo
12-05-2025
- Business
- Yahoo
Rio Tinto, Sumitomo Partner On $430 Million Copper-Gold Project In Australia
Rio Tinto Plc (NYSE:RIO) shares are trading higher premarket on Monday after it finalized joint venture agreements with Sumitomo Metal Mining (SMM) to advance the Winu copper-gold project in Western Australia's Great Sandy Desert. According to the deal, Rio Tinto will remain responsible for the ongoing development and operation of the Winu project. In return, Sumitomo Metal Mining will pay Rio Tinto up to $430.4 million for a 30% ownership stake in the project. This includes an upfront payment of $195 million, with the potential for up to an additional $235.4 million in deferred payments contingent on achieving future project milestones. Also Read: The transaction is anticipated to be finalized in 2025, pending regulatory approvals and standard closing conditions. The Winu project, discovered by Rio Tinto in 2017, is described as an attractive, low-risk, long-life copper-gold deposit with significant potential for expansion beyond its initial development plans. Rio Tinto is maintaining its focus on partnerships with the Nyangumarta and Martu Traditional Owners, including ongoing Project Agreement negotiations. The pre-feasibility study for the Winu project, outlining an initial processing capacity of up to 10 million tonnes per annum (mtpa), is expected to be finalized in 2025. Rio Tinto Copper Chief Executive Katie Jackson said, 'Our relationship with SMM began in 2000 with our partnership at the Northparkes mine in New South Wales and we look forward to bringing our combined experience and expertise to deliver the Winu project.' 'This partnership is an excellent fit for Rio Tinto and will strengthen the project as we continue to prioritize the strong and enduring partnerships built to date with the land's Traditional Owners, the Nyangumarta and the Martu.' Last week, Rio Tinto disclosed that it entered into a Memorandum of Understanding (MoU) with AMG Metals & Materials to explore the development of a large-scale, low-carbon aluminum project in India. Investors can gain exposure to the stock via VanEck Steel ETF (NYSE:SLX) and iShares Copper and Metals Mining ETF (NASDAQ:ICOP). Price Action: RIO shares are up 2.90% to $61.72 premarket at the last check on Monday. Image by Adwo via Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? This article Rio Tinto, Sumitomo Partner On $430 Million Copper-Gold Project In Australia originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
16-04-2025
- Business
- Yahoo
Cyclones Impact Rio Tinto Q1 Pilbara Production And Shipment By 13 Millions Tonnes, Trigger $95 Million Recovery Plan
Rio Tinto Plc (NYSE:RIO) on Wednesday reported a decline in Pilbara iron ore production of 10% year-over-year (Y/Y) to 69.8Mt. Pilbara iron ore shipments (consolidated basis) decreased 8% Y/Y to 62.5Mt in the quarter. Severe weather conditions impacted both production and shipment, with four cyclones collectively causing an estimated loss of approximately 13 million tonnes. Activist Renews Calls For Listing Unification As Rio Tinto Abandons $5 Billion Equity Offering Meanwhile, production of Bauxite rose 12% Y/Y to 15.0MT and Alumina upped 3% Y/Y to 1.9Mt in the quarter. Outlook: For FY25, Rio reiterated guidance for Bauxite production of 57 to 59MT and Alumina production of 7.4 to 7.8MT. The company now projects Pilbara iron ore shipments to reach the lower end of the previously issued guidance of 323-338MT, primarily due to the losses sustained from four cyclones in the first quarter. To address about half of this shortfall, the company has implemented mitigation strategies that will require an additional investment of roughly A$150 million ($95.5 million), covering rectification efforts and contracted mining services. Moreover, the company continues to anticipate its share of capital investment of ~$11 billion in 2025. Chief Executive Jakob Stausholm said, "We continued to see strong operational improvement with the Oyu Tolgoi copper mine and our bauxite operations delivering record months for production in March. Production was affected, however, by extreme weather events that impacted our Pilbara iron ore operations." "We achieved first iron ore at Western Range in the Pilbara and the Simandou high-grade iron ore project in Guinea remains on track. After successful completion of the Arcadium acquisition in March, we are advancing to establish a world-class lithium business." Last month, the company invested $1.8 billion to develop the Brockman Syncline 1 (BS1) mine in Western Australia's West Pilbara. Investors can gain exposure to the stock via VanEck Steel ETF (NYSE:SLX) and NEOS ETF Trust Mast Global Battery Recycling & Production ETF (NYSE:EV). Price Action: RIO shares are up 0.45% to $57.52 premarket at the last check Wednesday. Read Next:Photo by Adwo via Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? This article Cyclones Impact Rio Tinto Q1 Pilbara Production And Shipment By 13 Millions Tonnes, Trigger $95 Million Recovery Plan originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
