Latest Deals

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Japan-based trading company Mitsui & Co. has signed deals to acquire a 40% interest in the Rio Tinto-operated Rhodes Ridge iron ore project in Western Australia for $5.34bn. Mitsui will purchase VOC Group’s 25% stake in the RRJV for $3.34bn, with completion anticipated by the financial year ending March 2026. The second transaction involves a “heads of” agreement with AMB Holdings to buy 15% interest in RRJV for $2bn. Following these deals, Rio Tinto will own 50% of the project, Mitsui 40% and AMB 10%.

Anglo American has signed a memorandum of understanding with Chilean state-owned mining company Codelco for a joint mine plan to optimise operations between their adjacent Los Bronces (Anglo American) and Andina (Codelco) copper mines. The joint mine plan, facilitated by a new operating company co-owned by Anglo American Sur and Codelco, is projected to deliver a pre-tax net present value uplift of at least $5bn over the agreement’s duration.

ADQ, a global sovereign investor, and Orion Resource Partners, a global investment company, have announced a $1.2bn joint venture to invest in strategic metals and minerals over the course of its first four years. The Abu Dhabi-based 50-50 JV, named Orion Abu Dhabi, aims to enhance supply chain security locally and globally. It will focus on investing in mining companies through various asset classes.

Newmont has announced the sale of its Porcupine operation in Ontario, Canada, to Discovery Silver for up to $425m. Newmont will receive $200m in cash upon closing, $75m in equity through Discovery shares and $150m in deferred cash consideration. The transaction is expected to close in the first half of 2025. It is part of Newmont’s ongoing divestiture programme aimed at non-core assets.