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| Rio Tinto |
Strategic Japan-Australia JV strengthens copper, gold, and critical minerals outlook
Rio Tinto has finalized a joint venture agreement with Sumitomo Metal Mining (SMM), with the Japanese miner investing up to US$430.4 million for a 30% equity stake in the Winu copper-gold project in Western Australia’s Great Sandy Desert.
The agreement, signed in Perth by SMM’s Hideyuki Okamoto and Rio Tinto Copper CE Katie Jackson, includes a US$195 million upfront payment, plus up to US$235.4 million in milestone-based deferred payments. Rio Tinto will retain operatorship of the project.
Strategic Expansion of a Longstanding Partnership
This deal builds on the two companies’ collaboration dating back to 2000 at the Northparkes mine. The Winu JV also sets the stage for future strategic cooperation in copper, lithium, and other base metals.
“This partnership is an excellent fit for Rio Tinto and will strengthen the project,” said Jackson. “It also reinforces our commitment to working with the land’s Traditional Owners, the Nyangumarta and the Martu.”
Winu: Long-Life, Growth-Ready Asset
Discovered by Rio Tinto in 2017, Winu is described as a low-risk, long-life copper-gold asset with significant expansion potential. A prefeasibility study targeting an initial processing capacity of 10 million tonnes per year is due in 2025, alongside submission of environmental documentation to the Western Australian EPA.
Regulatory Pathway and Indigenous Partnerships
The JV is expected to close in 2025, pending regulatory approvals and standard closing conditions. Rio Tinto also emphasized its continued efforts in negotiating project agreements with Traditional Owner groups, the Nyangumarta and the Martu, a key part of the project's development.
The partnership reinforces Japan’s drive to secure critical mineral supply chains and aligns with global efforts to de-risk copper sourcing.
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