Rio earns major stake in Citadel
PERTH (miningweekly.com) – The exploration arm of major Rio Tinto has taken a 51% interest in the Citadel copper/gold project, in Western Australia, after spending A$11-million on exploration.
ASX-listed junior Antipa Minerals on Thursday said that Rio had now assumed operatorship of the joint venture (JV), and had until the end of January to elect whether to sole fund an additional A$14-million of exploration expenditure over the next three years to increase its interest in the JV to 65%.
Subject to Rio increasing its stake to 65%, and Antipa not electing to contribute to maintain its interest, Rio could earn up to a 75% interest in the JV by sole-funding a further A$35-million within a further three years.
The Citadel project spans over a 1 330 km2 tenement package located in the Paterson province, and is some 80 km north of gold miner Newcrest Mining’s Telfer operation, and 5 km from Rio’s Winu copper/gold/silver project.
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