Rio Tinto and First Quantum Minerals launch joint venture to develop La Granja copper mine project

Rio Tinto and Canadian company First Quantum Minerals have formed a joint venture to develop the La Granja copper mine project in Peru. The complex orebody, located at high altitude in Cajamarca, Northern Peru, has potential for a large, long-life operation. First Quantum acquired a 55% stake in the project for US$105 million and plans to invest an additional US$546 million in the joint venture. As the majority owner, First Quantum will start operating the La Granja project.