LONDON (dpa-AFX) - Rio Tinto announced that Mitsui & Co. agreed to acquire a 40% interest in the Rhodes Ridge Joint Venture from Rio Tinto's partners.
Mitsui & Co. has agreed to acquire all of VOC Group Limited's 25% interest in the joint venture.
Separately, Mitsui & Co. has entered into a heads of agreement to acquire a further 15% interest in the RRJV from AMB Holdings Pty Ltd.
Mitsui & Co. and Rio Tinto are long-standing partners at the Robe River Joint Venture.
Rio Tinto's 50% interest in the the Rhodes Ridge Joint Venture and the terms of the joint venture arrangements are unchanged.
Under the heads of agreement, AMB Holdings Pty Ltd would retain a 10% stake in the the Rhodes Ridge Joint Venture.
A pre-feasibility study aimed at advancing the development of Rhodes Ridge is anticipated to be finalized this year, followed by a feasibility study. The project will utilize Rio Tinto's rail, port, and power infrastructure.
First ore from Rhodes Ridge is expected by 2030.
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