Rio Tinto looking more into green metals. Rio Tinto raises Yukon copper project stake, cuts diamond plan interest
The Casino copper-gold project in Canada’s Yukon. (Image courtesy of Western Copper and Gold Corp.)
POSTED BY: CECILIA JAMASMIE NOVEMBER 29, 2023
Rio Tinto (ASX, LON: RIO) is reshuffling its interests in two Canadian projects as it seeks to focus on green energy metals such as copper.
Rio Tinto is spending $6 million to increase its stake in Canada’s Western Copper and Gold (TSX: WRN) to 9.7% from 6%, the companies said on Wednesday. The Canadian company is advancing the copper-gold Casino project in the Yukon.
The global miner also said it’s selling its 75%-interest in the Fort la Corne diamond project in central Saskatchewan to joint venture partner Star Diamond (TSX: DIAM) in exchange for 19.9% of the junior.
Rio Tinto is pivoting to invest more in battery metals following years of tension with Star over how to develop the diamond project. Both companies faced off in court and, at one point, Star considered cutting Rio out of the project. The Western Copper and Gold backing is a sign of support for a project some have criticized for low grades in a remote part of the Yukon.
“The majority of Rio Tinto’s global exploration program is now firmly focused on metals and minerals to support the energy transition,” head of exploration Dave Andrews said in a release on Wednesday. “We continue to see potential in the (Fort la Corne) project.”