Rio Tinto $RIO (-0,51 %) announced that Mitsui & Co. $8031 (-0,64 %) has agreed to acquire a 40% interest (approximately USD 5.3 billion) in the Rhodes Ridge Joint Venture from Rio Tinto's partners.
Mitsui & Co. has agreed to acquire VOC Group Limited's entire 25% interest in the joint venture.
Separately, Mitsui & Co. has signed a letter of intent to acquire a further 15% interest in the RRJV from AMB Holdings Pty Ltd.
Mitsui & Co. and Rio Tinto have long been partners in the Robe River Joint Venture.
Rio Tinto's 50% interest in the Rhodes Ridge Joint Venture and the terms of the joint venture agreements remain unchanged.
Under the terms of the agreement, AMB Holdings Pty Ltd will retain a 10% interest in the Rhodes Ridge Joint Venture.
A pre-feasibility study aimed at advancing the Rhodes Ridge development is expected to be completed later this year, followed by a feasibility study. The project will utilize Rio Tinto's rail, port and power infrastructure.