Login
Rio Tinto advised on Rhodes Ridge modernisation
International law firm Allens has advised Rio Tinto on the modernisation of a joint venture relating to the greenfields Rhodes Ridge project.
Emma Musgrave
Firm: Allens (Rio Tinto); Clayton Utz (Wright Prospecting)
To continue reading the rest of this article, please log in.
Create free account to get unlimited news articles and more!
Deal: Rio Tinto has been advised on the modernisation of a 50:50 joint venture with Wright Prospecting relating to the greenfields Rhodes Ridge project.
Value: Undisclosed
Area: Project development
Key players: The Allens team was led by partner Jodi Reinmuth and comprised partners Ben Farnsworth and Ted Hill, finance counsel Michelle Teng, managing associate Anne Nguyen, senior associates Rob Merriam, Jonathon Holborn and Brittany Lawtie, and lawyers Nick Todd, Paige Pittorino, Madeleine Ninkov and Lewis Pope.
The Clayton Utz team was led by deputy chief executive partner Emma Covacevich and included partners Brett Cohen, Rohan Mishra and Elizabeth Richmond, as well as special counsel Marni Riley and Armin Fazely.
Deal significance: The greenfields Rhode Ridge project is 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,” a statement from Allens explained.
“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.”
Commenting further, Allens’ lead partner on the deal Jodi Reinmuth said: “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.
“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.”
Commenting on behalf of Clayton Utz, lead partner Emma Covacevich 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," she said.
