Sumitomo Metal Mining Enters Exclusive Talks for Winu Copper-Gold Project Stake

Sumitomo Metal Mining (SMM) has entered exclusive negotiations with Rio Tinto to acquire a 30% stake in the Winu copper-gold project in Australia, owned by the British mining giant. If the deal is finalized, Rio Tinto will retain a 70% interest in the project and continue as its operator.

The agreement includes an upfront payment of $195 million, with additional conditional payments tied to future milestones, subject to further negotiation. SMM aims to finalize the agreement by mid-2025, pending necessary regulatory approvals and other conditions.

Alongside this transaction, the two companies have signed a letter of intent to establish a broader strategic partnership. This collaboration will focus on exploring commercial and technical opportunities across base metals, including copper and lithium, to support their respective growth ambitions in the critical minerals sector.