Rio Tinto and Sumitomo Metal Mining (SMM) have signed a joint venture to develop the Winu copper-gold project in Western Australia. This deal boosts copper supply and supports global demand for critical minerals.
Sumitomo Commits $430.4 Million to Winu
Sumitomo will invest $430.4 million to secure a 30% stake in the project. This includes $195 million upfront and up to $235.4 million in milestone-based payments. Rio Tinto will continue to lead operations and oversee project development.
This agreement follows a term sheet signed in December 2024. The joint venture will close later this year, once it gains regulatory approvals. Both companies also plan to explore future ventures in copper, lithium, and base metals.
Project Advances with Focus on Sustainability
The Winu copper project site lies 320km east of Port Hedland, on Nyangumarta land, with the airstrip located on Martu territory. Rio Tinto discovered the Winu copper project in 2017. The company plans to process up to 10 million tonnes of ore per year during the initial phase.
A pre-feasibility study for the Winu copper project will be completed in 2025. This study includes an Environmental Review Document for the Western Australian Environmental Protection Authority (EPA). The project prioritizes renewable energy, using mainly solar and wind power to operate the site.
Rio Tinto and Sumitomo are working closely with the Traditional Owners to ensure the Winu copper project aligns with local community values. Closure planning is already in progress, focusing on effective waste control, minimal community impact, and full land rehabilitation.
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