FOLLOW THE MONEY - RIO & FIRST QUANTUM TEAM UP IN NORTH PERU
Rio Tinto and First Quantum Minerals have entered into an agreement to form a joint venture that will work to unlock the development of the La Granja copper project in northern Peru, one of the largest undeveloped copper deposits in the world.
First Quantum will buy a 55% stake in the project for $105 million, and commit to invest up to $546 million in the joint venture.
Given the confidence of committing $650 million to derisking and studying the project is a huge win for Peru and the Northern region. The La Granja project is a very large but very complex copper system that will require serveral years to derisk and even more to permit before construction.
When it comes to confidence, follow the money!
Candente Copper is in the same northern region, has already been derisked and studied...you never know who will join the team to get it going.