Rio sells more noncore assets
PERTH (miningweekly.com) – The exploration arm of diversified miner Rio Tinto has continued with its asset divestment, this time selling the Borborema iron-ore project, in Brazil, to ASX-listed Latin Resources.
Under the terms of the agreement, Latin Resources would pay $200 000, as well as about $45 000 for legal costs and taxes, and a 3% net smelter royalty for the 24 exploration claims and application claims making up the Borborema project.
The project covers 40 483 ha in the Rio Grade do Norte state, and was in line with Latin Resources' strategy of identifying and acquiring iron-ore assets close to existing port infrastructure.
“We are very pleased to have been able to capitalise on Rio Tinto’s exploration work in this very exciting new iron-ore district in Brazil. This move into Brazil fits in with Latin Resources’ strategy of developing projects close to port and infrastructure to enable near-term production,” said Latin MD Chris Gale.
The sale of the Borborema iron-ore project followed shortly on Rio’s decision to dispose of two coal exploration licences in Queensland.
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