Rio Tinto and Sumitomo Metal Mining Co (SMM) have finalized a joint venture agreement to advance the Winu copper-gold project in Western Australia. The signing took place in Perth, with Rio Tinto Copper Chief Executive Katie Jackson and SMM Director Hideyuki Okamoto formalizing the collaboration.
The partnership follows a Term Sheet signed in December 2024. The Winu project, discovered by Rio Tinto in 2017, is recognized for its potential for expansion beyond initial development. “Our relationship with SMM began in 2000 with our partnership at the Northparkes mine,” said Katie Jackson. She emphasized the importance of strong partnerships with the land’s Traditional Owners, the Nyangumarta and Martu.
Hideyuki Okamoto expressed enthusiasm about renewing their partnership with Rio Tinto, aiming to realize Winu’s potential through their combined expertise. Under the terms, SMM will acquire a 30% equity share by paying up to $430.4 million to Rio Tinto, which includes an upfront payment of $195 million and up to $235.4 million contingent on future milestones.
Both companies plan to explore further strategic collaborations across copper, other base metals, and lithium. The transaction is expected to close in 2025 after regulatory approvals. Meanwhile, Rio Tinto continues negotiations with Traditional Owners and anticipates completing a pre-feasibility study for Winu’s initial development phase by 2025.
