Allens has advised Rio Tinto on the modernisation of a 50:50 joint venture with Wright Prospecting Pty Ltd relating to the greenfields Rhodes Ridge project, situated 40 kilometres north-west of Newman in the Pilbara region of Western Australia.
The transaction provides a pathway for development of a strategic resource containing approximately 5.8 billion tonnes of high grade iron ore, which will play a key role in Rio Tinto's Pilbara Blend over the coming decades.
The resources will be developed in connection with Rio Tinto's existing rail, port and power infrastructure, including its planned instalment of one gigawatt of renewable power assets in the Pilbara.
'Allens has worked with clients at the forefront of Australia's energy and resources sector for decades, and decarbonising the activities of major resources companies will be an important part of the country's energy transition,' said lead Partner and Rio Tinto strategic adviser Jodi Reinmuth.
'The Allens team is delighted to see the participants in the Rhodes Ridge Joint Venture modernise the pathway toward the development of the Rhodes Ridge asset.'
'This is a very significant transaction for the Australian resources industry, and we look forward to assisting with the evolution of the joint venture during its development phase including in conjunction with Traditional Owners.'
