Media Release: Clayton Utz congratulates Wright Prospecting on Rhodes Ridge JV milestone with Rio Tinto
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A Clayton Utz team is proud to have played a role in the landmark agreement announced yesterday between Wright Prospecting Pty Ltd (Wright Prospecting) and Rio Tinto to modernise their Rhodes Ridge iron ore joint venture (JV) project in the East Pilbara in Western Australia.
Clayton Utz Deputy Chief Executive Partner, Emma Covacevich, led our cross-office and multi-practice team which included partners Brett Cohen (Corporate / M&A), Rohan Mishra (Banking & Financial Services), Elizabeth Richmond (Competition), and special counsel Marni Riley and Armin Fazely (Corporate / M&A).
The team advised Wright Prospecting on the modernisation of its arrangements with Rio (which date back to 1972), which will see the equal JV partners unlock the full development potential of Rhodes Ridge – located 40 kilometres north-west of Newman, and home to one of the largest and highest quality undeveloped iron ore deposits in the world. The development will be subject to regulatory and native title approvals, with a view to bringing the project into production before 2030.
Congratulating both parties on the deal, Emma said:
We’re really pleased to have had the opportunity to work with the Wright Prospecting team and Rio Tinto to achieve this outcome. With continued global demand for high-quality iron ore, there is enormous value in realising the untapped potential of the Rhodes Ridge project.
Wright Prospecting confirmed in a statement it looked forward to developing the asset with Rio Tinto with a “world-leading focus on climate, biodiversity and heritage”.
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