Canadian company Western Copper and Gold has confirmed that Rio Tinto will subscribe for 878 809 shares of the company for proceeds of C$2.3-million to maintain its interest of 7.84%.
This comes as Mitsubishi Materials is subscribing for 8.09-million shares for proceeds of C$21.3-million, in terms of an agreement announced last month.
"We are pleased with the continued interest Rio Tinto has shown and look forward to working with Mitsubishi and Rio Tinto to advance the Casino project," said president and CEO Paul West-Sells.
Casino is a copper, gold, molybdenum and silver deposit, about 300 km from Whitehorse. The company is currently preparing to re-enter the Yukon’s environmental assessment process for the project.
A 2022 feasibility study confirmed the robust nature of Casino, which will require C$3.62-billion to build a mine that will operate for 27 years.