Rio Tinto signed non-binding agreements to sell its 50% interest in the Dampier Seawater Desalination Plant in Western Australia. The company currently holds the stake in a joint venture with the Western Australian government. Yindjibarndi WaterCo, representing the local Yindjibarndi people, will acquire the interest for an undisclosed sum.
The divestment aligns with Rio Tinto’s strategy to unlock capital and enhance shareholder value. The plant carries a construction budget of A$1.1 billion. It is designed to supply 8 gigalitres of water annually.
Rio Tinto will manage the construction phase until completion. Operational control will then transfer to Yindjibarndi WaterCo. Both parties target a binding agreement by the end of 2026.