Rio Tinto Sells 55% of Key Peru Copper Project to First Quantum

Rio Tinto Group agreed to sell a majority stake in its La Granja copper project in Peru to First Quantum Minerals Ltd., as the world’s second-largest miner focuses on flagship developments in Mongolia and the US.

First Quantum will pay $105 million to acquire 55% of an asset Rio described as one of the world’s largest untapped projects and invest an initial $546 million to progress the site’s potential development, the companies said Friday in a statement.

“We share our partner’s view that the project has the potential to be a Tier 1 copper mine,” said First Quantum Chief ...