Rio moves on Citadel earn-in
PERTH (miningweekly.com) – The exploration arm of mining major Rio Tinto has green-lit a A$14-million investment into the Citadel copper/gold project, in Western Australia.
Rio already holds a 51% interest in the project under an earn-in and joint venture (JV) agreement with project owner Antipa Minerals, through sole funding an initial A$11-million on exploration since October 2015.
The miner will now move to increase its share in the JV to 65% by spending a further A$14-million.
Rio is expected to commit to an exploration programme of more than A$2-million for the 2020 calendar year, with field activities planned to start in April.
“We are very pleased that Rio has decided to continue to sole fund exploration on the Citadel tenements and we look forward to extending what has been a very rewarding partnership to date,” said Antipa executive chairperson Stephen Power.
“The Calibre and Magnum resources within Citadel have significant potential for further growth which, together with the regional exploration targets, establishes excellent growth prospects for the company.”
Citadel is currently estimated to host a global mineral resource of 63.8-million tonnes, hosting 1.6-million ounces of gold and 127 000 t of copper, in close proximity to Rio’s own Winu copper/gold project.
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