Australian company Rio Tinto and Canadian-based mining company First Quantum Minerals have signed an agreement to form a joint venture that will prevent the development of the La Granja copper project in Peru.
First Quantum will acquire a 55% stake in the project for $105 million. The company also announced that it will commit to investing up to $546 million in the joint venture to fund the capital and operational costs required for the feasibility and development of the project.
The transaction is expected to be completed by the third quarter of 2023.
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