Rio Tinto-First Quantum JV to develop massive copper project in Peru – by Cecilia Jamasmie ( – August 29, 2023)

Rio Tinto (ASX, LON: RIO) and First Quantum Minerals (TSX: FM) have formed a joint venture that will focus on moving to development the La Granja copper project in Peru, described by the new partners as one of the world’s largest undeveloped deposits of the metal.

After paying $105 million to Rio Tinto, First Quantum now owns a 55% stake in the project and has become its operator. The Canadian miner has committed to further invest up to $546 million into La Granja, part of which will be used to complete a feasibility study over the next two to three years.

The remaining balance of the initial funding will be allocated to construction, provided that the partners decided to move forward with the project.

La Granja is a complex undertaking as it is located at an altitude of between 2,000 and 2,800 metres in the province of Cajamara, northern Peru.

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