Commodities
Rio Sells Copper Mine Stake to Sumitomo for $399 Million
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Rio Tinto Plc will sell a 30% stake in its Winu copper-gold project in Australia to Japan’s Sumitomo Metal Mining Co. for $399 million.
Sumitomo will pay $195 million upfront and $204 million in deferred payments contingent on development progress, Rio said in a statement Wednesday. The London-based miner added that the companies would explore additional partnerships across copper, other base metals and lithium.