PERTH, Australia--(BUSINESS WIRE)--May 12, 2025--
Rio Tinto and Sumitomo Metal Mining Co (SMM) have signed the final joint venture agreements to deliver the Winu copper-gold project, located in the Great Sandy Desert region of Western Australia.
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The final joint venture agreements were signed in Perth by Rio Tinto Copper Chief Executive Katie Jackson and SMM Director, Managing Executive Officer, and General Manager of the Mineral Resources Division Hideyuki Okamoto. It comes after the two companies signed a Term Sheet in December 2024 to form the joint venture.
The Winu project is an attractive low-risk, long-life copper-gold deposit discovered by Rio Tinto in 2017. It is considered highly prospective for expansion beyond the initial development.
Rio Tinto Copper Chief Executive Katie Jackson said: “Our relationship with SMM began in 2000 with our partnership at the Northparkes mine in New South Wales and we look forward to bringing our combined experience and expertise to deliver the Winu project.
“This partnership is an excellent fit for Rio Tinto and will strengthen the project, as we continue to prioritise the strong and enduring partnerships built to date with the land’s Traditional Owners, the Nyangumarta and the Martu.”
SMM Director, Managing Executive Officer, and General Manager of the Mineral Resources Division Hideyuki Okamoto said: “We are very excited to renew our long-standing partnership with Rio Tinto, and to leverage our extensive collective experience to realise the exceptional potential of the Winu project.”
Under the agreements, Rio Tinto will continue to develop and operate Winu, and SMM will pay Rio Tinto up to $430.4 million for a 30% equity share of the project. This includes $195 million up front and up to $235.4 million in deferred considerations contingent on future milestones.
The parties will also continue to work together to develop a broader strategic partnership to explore opportunities for commercial, technical and strategic collaboration across copper, other base metals and lithium.
The transaction is expected to close in 2025, subject to regulatory approvals and the satisfaction of customary conditions.
Rio Tinto continues to focus on its partnerships with the Nyangumarta Traditional Owners and the Martu Traditional Owners, including progressing Project Agreement negotiations. A pre-feasibility study for the Winu project with an initial development of processing capacity of up to 10 mtpa is expected to be completed in 2025, along with the submission of an Environmental Review Document under the Western Australian EPA Environmental Impact Assessment process.
Sumitomo Metal Mining Director, Managing Executive Officer, and General Manager of the Mineral Resources Division Hideyuki Okamoto and Rio Tinto Copper Chief Executive Katie Jackson sign the Winu joint venture agreements in Perth.
NEW YORK (AP) — Kamala Harris “wrote off rural America" during the 2024 presidential campaign and failed to attack Donald Trump with sufficient “negative firepower," according to a long-awaited post-election autopsy released on Thursday by the Democratic National Committee.
The committee's chair, Ken Martin, shared the 192-page report only after facing intense internal pressure from frustrated Democratic operatives concerned with his leadership. Martin had originally promised to release the autopsy, only to keep it under wraps for months because he was concerned it would be a distraction ahead of the midterms as Democrats mobilize to take back control of Congress.
On Tuesday, Martin apologized for his handling of the situation and conceded that the report was withheld because it “was not ready for primetime."
Although the autopsy criticizes Democrats' focus on “identity politics,” it sidesteps some of the most controversial elements of the 2024 campaign. The report does not address former President Joe Biden’s decision to seek reelection, the rushed selection of Harris to replace him on the ticket or the party's acrimonious divide over the war in Gaza.
“I am not proud of this product; it does not meet my standards, and it won’t meet your standards,” Martin wrote in an essay on Substack on Thursday. “I don’t endorse what’s in this report, or what’s left out of it. I could not in good faith put the DNC’s stamp of approval on it. But transparency is paramount.”
A spokesperson for Harris did not immediately respond to a request for comment.
The initial reaction from Democratic operatives was a mix of bafflement and anger over Martin's handling of the situation.
“Why not say this in 2024, or bring in more people to finish it, instead of turning this into the dumbest media cycle for 7-8 months?” Democratic strategist Steve Schale wrote on social media.
The postelection report, which was authored by Democratic consultant Paul Rivera, calls for “a renewed focus on the voters of Middle America and the South, who have come to believe they are not included in the Democratic vision of a stronger and more dynamic America for everyone.”
“Millions of Americans are suffering from poor access to healthcare, manufacturing and job losses, and a failing infrastructure, yet continue to be persuaded to vote against their best interests because they do not see themselves reflected in the America of the Democratic Party,” the report says.
The autopsy points to a reduction in support and training for Democratic state parties, voter registration shifts and “a persistent inability or unwillingness to listen to all voters.”
Thursday's release comes as Martin confronts a crisis of confidence among party officials who are increasingly concerned about the health of their political machine barely a year into his term. Some Democratic operatives have had informal discussions about recruiting a new chair, even though most believe that Martin’s job wasn't in serious jeopardy ahead of the midterm elections.
The report found that Harris and her allies failed to focus enough on Trump's negatives, especially his felony convictions. This was part of a broader criticism that Democrats' messaging is too focused on reason and winning arguments, “even in cycles when the electorate is defined by rage.”
“There was a decision in the 2024 Democratic leadership not to engage in negative advertising at the scale required,” the report states. “The Trump campaign and supportive Super PACs went full throttle against Vice President Harris, but there was not sufficient or similar negative firepower directed at Trump by Democrats.”
The report continues: “It was essential to prosecute a more effective case as to why Trump should have been disqualified from ever again taking office. The grounds were there, but the messaging did not make the case.”
Trump's attack on Harris' transgender policies were cited as a key contrast.
Specifically, the report suggested the Democratic nominee was “boxed” in by the Trump campaign's “very effective” ad that highlighted Harris' previous statement of support for taxpayer-funded gender-affirming surgeries for prison inmates.
Democratic pollsters believed that “if the Vice President would not change her position – and she did not – then there was nothing which would have worked as a response," the report said.
The report criticized Harris' outreach to key segments of America while condemning the party's focus on “identity politics.”
“Harris wrote off rural America, assuming urban/suburban margins would compensate. The math doesn’t work,” the report says. “You can’t lose rural areas by overwhelming margins and make it up elsewhere when rural voters are a significant share of the electorate. If Democrats are to reclaim leadership in the Heartland or the South, candidates must perform well in rural turf. Show up, listen, and then do it again.”
The report also references Democrats' underperformance with male voters of color.
“Male voters require direct engagement. The gender gap can be narrowed. Deploy male messengers, address economic concerns, and don’t assume identity politics will hold male voters of color,” it says.
President Donald Trump speaks during an event about loosening a federal refrigerant rule, in the Oval Office at the White House, Thursday, May 21, 2026, in Washington. (AP Photo/Jacquelyn Martin)
Former Vice President Kamala Harris speaks during a fireside chat on Thursday, May 7, 2026, in Las Vegas. (AP Photo/Ty ONeil)
FILE - Democratic National Committee chair Ken Martin speaks during an interview with The Associated Press at DNC headquarters, Jan. 12, 2026, in Washington. (AP Photo/Allison Robbert, File)
