Rio Tinto to Acquire Up to 80% Stake in LCL Resources' Ono Project in Papua New Guinea

LCL Resources has entered a farm-in and joint venture agreement with Rio Tinto for the Ono project in Papua New Guinea, potentially unlocking A$48 million in exploration funding. Rio Tinto can earn 51% by funding A$8 million in exploration, including a 4,000 m drilling program, and can increase its stake to 80% by funding an additional A$40 million or defining a JORC-compliant resource of at least 1.25 million tonnes of contained metal.

Published Mar 23, 2026

LCL Resources has signed a joint venture agreement with Rio Tinto regarding the Ono project in Papua New Guinea. Rio Tinto can earn an initial 51% by funding A$8 million in exploration, including a minimum 4,000 m drilling program, and making staged cash payments of up to A$1.5 million.

AI-curated by Theia

The stake can increase to 80% by funding an additional A$40 million or defining a JORC-compliant resource of at least 1.25 million tonnes of contained metal. The Ono project is located 150 km south of Lae in the Owen Stanley Metamorphic Belt, known for significant copper porphyry systems.