SYDNEY: Rio Tinto has announced that Mitsui & Co. has entered into 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% interest in the joint venture. Additionally, Mitsui & Co. has entered into a heads of agreement (HOA) to acquire a further 15% interest in the RRJV from AMB Holdings Pty Ltd.
Both transactions are subject to regulatory approvals and other closing conditions.
Rio Tinto and Mitsui & Co. are long-standing partners at the Robe River Joint Venture. Rio Tinto welcomes Mitsui & Co. to Rhodes Ridge and looks forward to advancing the project.
Rio Tinto’s 50% interest in the RRJV remains unchanged.
Under the HOA, AMB Holdings Pty Ltd would retain a 10% stake in the RRJV.
A pre-feasibility study for the development of Rhodes Ridge is expected to be completed this year, followed by a feasibility study. The development would utilize Rio Tinto’s rail, port, and power infrastructure.
First ore from Rhodes Ridge is expected by 2030.