First Quantum Minerals (ASX:FM) and Rio Tinto have completed a transaction to move ahead with the next phase of the La Granja project, as initially announced.

With the completion of this transaction, First Quantum Minerals has purchased a 55% stake in the project for $105 million and becomes the operator of La Granja.

The company is set to invest up to an additional $546 million in the project.

Despite this investment, there is no alteration to the three-year guidance the company provided in January 2023 on capital expenditures.

First Quantum Minerals is a global mining company specializing in the exploration, development and production of mineral properties.