Rio Tinto and Sumitomo Metal Mining Co. (SMM) finalized joint venture agreements for the development of the Winu copper-gold project in Western Australia’s Great Sandy Desert. The deal was signed following a term sheet agreement in December 2024.

Discovered by Rio Tinto in 2017, the Winu project is a low-risk, long-life copper-gold deposit with significant growth potential. Under the deal, Rio Tinto will retain operational control, while SMM will acquire a 30% equity share for up to US$430.4 million, comprising US$195 million upfront and up to US$235.4 million in milestone-based payments.

The companies plan to explore further collaboration in copper, other base metals, and lithium. A pre-feasibility study and environmental review for Winu are expected in 2025.