02:39 AM EDT, 07/27/2026 (MT Newswires) -- Rio Tinto Group (RIO.L) and the Western Australian Government signed nonbinding agreements to sell their respective joint venture stakes in the Dampier Seawater Desalination Plant in Dampier, Australia. The parties own a 50% stake each in the plant, and are looking to sell it to Yindjibarndi WaterCo. A binding agreement is expected to be signed by the end of 2026, according to a Monday release. The sale price will be subject to construction costs and related factors, with the plant carrying a construction budget of AU$1.1 billion. Construction work on the plant's first phase is expected to be completed in 2026, with first water expected in early 2027. The first phase will have a capacity of 4 gigaliters annually, while the overall project is expected to have an annual capacity of 8 gigaliters. Construction on the second phase is also underway. The mining giant said the sale is meant to free up capital as it seeks to deliver value to shareholders.

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