Rio Tinto will own 49.99% of the joint venture and pick two out of five board members for the new company.As part of the deal, it pledged to invest $350 million in initial funding towards additional studies and resource analysis. Once a final investment decision (FID) has been taken, it will contribute $500m towards construction costs. The decision is expected before decade-end, but if the JV manages to deliver first lithium by the end of 2030, Rio will allocate another $50m. Further capital requirements will be funded by the partners in line with their share ownership of the joint venture.
Its chairman Máximo Pacheco notes Rio Tinto was selected after an “extraordinarily competitive” process involving four bidding submissions.
Looking at the terms of JV If similar happens with Phoenix not sure when we'll get cash in our bank account. We need take over deal please.
