The Australian copper and gold miner is in discussion to buy 82% stake in the project from Glencore, The Wall Street Journal reported citing undisclosed sources.
Glencore previously estimated the development cost of Frieda River deposit to be $5.6bn. The company inherited the project as part of its takeover of Xstrata in early 2013.
The remaining 18% interest in Frieda River is owned by Highlands Pacific.
