Mining giant Rio Tinto has partnered with Sumitomo Metal Mining (SMM) to advance the Winu copper-gold project in the Great Sandy Desert region in Western Australia. SMM will acquire a 30% equity share in the project for $399m, which includes an upfront payment of $195m and deferred considerations.

Rio Tinto Group RIO recently announced that it has signed a Term Sheet deal with Sumitomo Metal Mining, a subsidiary of Sumitomo SSUMY, to sell a 30% stake in its Winu copper-gold project and to jointly develop the same.

Japanese mining giant Sumitomo Metal Mining, which is listed on the Tokyo Stock Exchange, has paid A$615 million to join Rio Tinto (ASX:RIO) in its under-development Winu copper-gold province in the Great Sandy Desert.

Rio Tinto has struck a deal with Sumitomo to build a new copper and gold mine in Western Australia, after years of speculation about whether the project is big enough to fit in the mining giant’s grand plans.

Rio Tinto and Sumitomo Metal Mining (SMM) will partner to develop the Winu copper-gold project in the Great Sandy Desert, Western Australia.

Rio Tinto and Sumitomo Metal Mining (SMM) have signed a Term Sheet for a Joint Venture to deliver the Winu copper-gold project, located in the Great Sandy Desert region of Western Australia.