First Quantum joins Rio in copper JV

Diversified miner Rio Tinto has formed a joint venture (JV) with fellow major First Quantum over the development of the La Granja copper project, in Peru.

Following the completion of conditions including regulatory approvals from the government of Peru, First Quantum has acquired a 55% stake in the project for $105-million. It will invest up to a further $546-million into the JV to sole fund capital and operational costs to take the project through a feasibility study and toward development.