Monetising Dampier Desalination Plant

Research evidence excerpt

Monetising Dampier Desalination Plant

Update

July 27, 2026 06:58 AM GMT

Morgan Stanley & Co. International plc+MRio Tinto Plc | Europe Alain Gabriel, CFA

Equity Analyst

Monetising Dampier Alain.Gabriel@MorganStanley.comMorgan Stanley Australia Limited+ +44 20 7425-8959

Rahul Anand, CFA

Equity AnalystDesalination Plant R.Anand@morganstanley.com +61 2 9770-1136

What's new? Rio Tinto and the Western Australian Government have signed non- Morgan Stanley & Co. International plc+

Ioannis Masvoulas, CFA

binding agreements with Yindjibarndi WaterCo for the proposed sale of their Equity Analyst

respective 50% interests in the Dampier Seawater Desalination Plant. The parties Ioannis.Masvoulas@morganstanley.com +44 20 7425-0427

are targeting a binding agreement by year-end, with Rio Tinto continuing to manage Ferdinand Huber

Research Associate

construction before operational control transfers to Yindjibarndi WaterCo upon Ferdinand.Huber@morganstanley.com +44 20 7677-2702

completion, subject to due diligence, approvals and definitive documentation. Stage Adahna Ekoku

1 remains on track for completion this year, according to Rio Tinto, while Stage 2 is Equity Analyst

Adahna.Ekoku@morganstanley.com +44 20 7425-0578

already under construction.

Morgan Stanley Australia Limited+

For context... The Dampier Seawater Desalination Plant is being developed at Michael A Stancliff

Parker Point in the Pilbara to supply water to Rio Tinto's operations and the West Michael.Stancliff@morganstanley.com +61 2 9770-9253

Pilbara Water Supply Scheme, reducing reliance on the Bungaroo and Millstream

aquifers. Phase 1 was announced by Rio Tinto in 2023 with a budget of US$395mn Rio Tinto Plc (RIO.L, RIO LN)

to construct a 4GL per annum desalination plant.