Aldebaran Resources and Rio Tinto’s Nuton to Partner on $250 Million Altar Project Deal

Aldebaran Resources has announced an agreement with Nuton Holdings Ltd., a Rio Tinto venture, allowing Nuton to acquire a 20% indirect interest in Aldebaran's Altar copper project in Argentina. The staged option-to-joint-venture agreement could see Nuton invest up to $250 million in exchange for this stake, with payments scheduled over several phases.

The financing agreement starts with an upfront non-dilutive payment of $10 million, followed by a series of milestone-based payments. Nuton is expected to make a $20 million payment in Q4 2024, contingent upon the release of an updated mineral resource estimate. A further $30 million payment is anticipated in mid-2025 after the completion of a Preliminary Economic Assessment (PEA) that includes a scenario utilizing Nuton Technologies. Finally, a $190 million payment would follow the publication of a Pre-Feasibility Study (PFS), expected in 2026, if Nuton decides to exercise its option.

Aldebaran will remain the operator of the Altar project while collaborating with Nuton to assess the potential of NutonTM Technologies' sulphide leaching process. This technology could potentially enhance the project's economics by providing more efficient extraction methods for low-grade sulphide resources.

This partnership reflects a growing trend in the copper sector, with major players showing increased interest in Argentina's mining potential. Recent moves by other mining giants, including the Lundin Mining and BHP joint venture on the Josemaría and Filo del Sol projects, have put Argentina—and particularly the province of San Juan—at the center of attention for the global copper industry.