Evolution agreed to buy the stake for $400 million in cash and a copper price-linked contingent consideration of up to $75 million.

Rhodes Ridge is one of the world’s best undeveloped iron ore deposits.

Rio said the project will help it reduce scope 2 emissions at its Weipa operations by up to 10%.

The company expects a global nickel surplus of more than 250,000 metric tons this year, up from previous estimates of 200,000 tons.

The company hasn’t yet addressed issues that led to property destruction and multiple deaths after flooding reached a nearby community in March, the government said.

The company has notified buyers it will not be able to meet agreements due to force majeure.

Funds to be distributed among 15 organisations that provide essential services to individuals affected by domestic and family violence.

Deshnee Naidoo will step down from her position as CEO effective March 31.