Rio Tinto says Mitsui to acquire 40% stake in Rhodes Ridge JV

Rio Tinto (RIO) announced that Mitsui & Co. (MITSY) has entered agreements 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. Both transactions are subject to regulatory approvals and other closing conditions. Rio Tinto’s 50% interest in the RRJV and the terms of the joint venture arrangements are unchanged. Under the HOA, AMB Holdings Pty Ltd would retain a 10% stake in the RRJV. A pre-feasibility study to progress the development of Rhodes Ridge is expected to be completed this year, with a feasibility study to follow. The development would use Rio Tinto’s rail, port and power infrastructure. First ore from Rhodes Ridge is expected by 2030.