07:09 AM EST, 12/04/2024 (MT Newswires) -- Rio Tinto (RIO) and Sumitomo Metal Mining said Tuesday they have partnered to form a joint venture to deliver the Winu copper-gold project in Australia.

Under the terms, Rio Tinto will continue to operate the Winu project as managing partner, while Sumitomo will pay Rio $399 million for a 30% equity stake of the project, the companies added.

The parties said they will collaborate to finalize definitive deals for the Winu project JV in H1 2025.

Rio Tinto and Sumitomo have also signed a letter of intent to mull opportunities for commercial, technical and strategic partnership across copper, other base metals and lithium.