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  • Professor Andrea M. Armani, University of Southern California
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  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

Rio Tinto and Sumitomo Metal Mining sign Definitive Agreement for Winu Project joint venture

Rio Tinto and Sumitomo Metal Mining Co (SMM) have signed the final joint venture agreements to deliver the Winu copper-gold project, located in the Great Sandy Desert region of Western Australia.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250511288741/en/

Sumitomo Metal Mining Director, Managing Executive Officer, and General Manager of the Mineral Resources Division Hideyuki Okamoto and Rio Tinto Copper Chief Executive Katie Jackson sign the Winu joint venture agreements in Perth.

Sumitomo Metal Mining Director, Managing Executive Officer, and General Manager of the Mineral Resources Division Hideyuki Okamoto and Rio Tinto Copper Chief Executive Katie Jackson sign the Winu joint venture agreements in Perth.

The final joint venture agreements were signed in Perth by Rio Tinto Copper Chief Executive Katie Jackson and SMM Director, Managing Executive Officer, and General Manager of the Mineral Resources Division Hideyuki Okamoto. It comes after the two companies signed a Term Sheet in December 2024 to form the joint venture.

The Winu project is an attractive low-risk, long-life copper-gold deposit discovered by Rio Tinto in 2017. It is considered highly prospective for expansion beyond the initial development.

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 prioritise the strong and enduring partnerships built to date with the land’s Traditional Owners, the Nyangumarta and the Martu.”

SMM Director, Managing Executive Officer, and General Manager of the Mineral Resources Division Hideyuki Okamoto said: “We are very excited to renew our long-standing partnership with Rio Tinto, and to leverage our extensive collective experience to realise the exceptional potential of the Winu project.”

Under the agreements, Rio Tinto will continue to develop and operate Winu, and SMM will pay Rio Tinto up to $430.4 million for a 30% equity share of the project. This includes $195 million up front and up to $235.4 million in deferred considerations contingent on future milestones.

The parties will also continue to work together to develop a broader strategic partnership to explore opportunities for commercial, technical and strategic collaboration across copper, other base metals and lithium.

The transaction is expected to close in 2025, subject to regulatory approvals and the satisfaction of customary conditions.

Rio Tinto continues to focus on its partnerships with the Nyangumarta Traditional Owners and the Martu Traditional Owners, including progressing Project Agreement negotiations. A pre-feasibility study for the Winu project with an initial development of processing capacity of up to 10 mtpa is expected to be completed in 2025, along with the submission of an Environmental Review Document under the Western Australian EPA Environmental Impact Assessment process.

Contacts

Please direct all enquiries to media.enquiries@riotinto.com

Media Relations,

United Kingdom

Matthew Klar

M
+44 7796 630 637

David Outhwaite

M
+44 7787 597 493

Media Relations,

Australia

Matt Chambers

M +61 433 525 739

Michelle Lee

M +61 458 609 322

Rachel Pupazzoni

M +61 438 875 469

Media Relations,

Canada

Simon Letendre

M +1 514 796 4973

Malika Cherry

M +1 418 592 7293

Vanessa Damha

M +1 514 715 2152

Media Relations,

US

Jesse Riseborough

M +1 202 394 9480

Investor Relations,

United Kingdom

Rachel Arellano

M:
+44 7584 609 644

David Ovington

M +44 7920 010 978

Laura Brooks

M +44 7826 942 797

Weiwei Hu

M +44 7825 907 230

Investor Relations,

Australia

Tom Gallop

M +61 439 353 948

Amar Jambaa

M +61 472 865 948

Rio Tinto plc

6 St James’s Square

London SW1Y 4AD

United Kingdom

T +44 20 7781 2000

Registered in England

No. 719885

Rio Tinto Limited

Level 43, 120 Collins Street

Melbourne 3000

Australia

T +61 3 9283 3333

Registered in Australia

ABN 96 004 458 404

riotinto.com

Category: General

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