Rio Tinto (RIO) said Wednesday that Mitsui has signed agreements to acquire a 40% interest in the Rhodes Ridge Joint Venture from VOC Group and AMB Holdings.

Rio Tinto will maintain its 50% stake, with JV arrangements unchanged.

Mitsui will acquire VOC Group's 25% shares in the project and 15% stake from AMB Holdings, which will retain a 10% ownership in the JV. Both transactions are subject to regulatory approvals.

Rio Tinto said a pre-feasibility study of the project is expected to be finalized this year, followed by a feasibility study. The project aims to deliver first ore in 2030.