Rio Tinto notes that Mitsui & Co. has entered agreements to acquire a 40% interest in the Rhodes Ridge Joint Venture (RRJV) from Rio Tinto's partners.
Mitsui & Co. has agreed to acquire all of VOC Group Limited's (VOCG) 25% interest1 in the joint venture.
Separately, Mitsui & Co. has entered into a heads of agreement (HOA) to acquire a further 15% interest in the RRJV from AMB Holdings Pty Ltd1.
Both transactions are subject to regulatory approvals and other closing conditions.
Mitsui & Co. and Rio Tinto are long-standing partners at the Robe River Joint Venture2. Rio Tinto welcomes Mitsui & Co. to Rhodes Ridge and looks forward to progressing the project.
Rio Tinto's 50% interest in the RRJV and the terms of the joint venture arrangements are unchanged.
Under the HOA, AMB Holdings Pty Ltd would retain a 10% stake in the RRJV.
A pre-feasibility study to progress the development of Rhodes Ridge is expected to be completed this year, with a feasibility study to follow. The development would use Rio Tinto's rail, port and power infrastructure.
First ore from Rhodes Ridge is expected by 2030.
Footnotes
1 Wright Prospecting Pty Ltd's former 50% interest in the RRJV has been restructured and separated into two newly formed entities separately controlled by its shareholders, VOCG and AMB. VOCG holds its 25% interest through an entity named Rhodes Ridge Mining (No 2) Pty Ltd and AMB holds its 25% interest through Rhodes Ridge Mining (No 1) Pty Ltd.
2 Operations began in the Robe Valley, near Pannawonica, in 1972. Rio Tinto is the majority owner (53%), with partners Mitsui Iron Ore Development (33%) and Nippon Steel (14%).
