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Investing.com -- In a recent move within the mining industry, Japanese trading company Mitsui & Co. has made agreements to purchase a 40% interest in the Rhodes Ridge Joint Venture (RRJV), a significant mining project in Australia.
The company is set to acquire a 25% stake from VOC Group Limited and an additional 15% from AMB Holdings Pty Ltd, subject to regulatory approvals and other closing conditions.
The RRJV, which remains 50% owned by global mining giant Rio Tinto (NYSE:RIO), is a notable venture in the sector, with Rio Tinto maintaining its current interest and the terms of the joint venture arrangements.
Rio Tinto has expressed a positive outlook on Mitsui & Co.’s entry into the project, emphasizing the strong partnership the two companies already share in the Robe River Joint Venture.
AMB Holdings Pty Ltd, following the completion of the Heads of Agreement (HOA) with Mitsui & Co., will retain a 10% interest in the RRJV.
The Rhodes Ridge development is anticipated to yield its first ore by 2030, marking a significant milestone in the venture’s timeline.
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