Rio Tinto in Nicaragua exploration deal with Calibre
Global miner Rio Tinto has entered into an agreement to earn up to 75% in TSX-listed Calibre Mining’s Borosi project, in north-east Nicaragua.
The project hosts gold/silver and copper/gold resources in two areas, as well as multiple lesser explored copper/gold skarns, low-sulphidation epithermal gold/silver vein systems and bulk tonnage copper/gold porphyry targets.
Further, Calibre and Rio Tinto also entered into a strategic exploration alliance agreement under which they will work together to identify and acquire exploration concessions in Nicaragua, with a focus on copper/gold porphyry, skarn and epithermal precious metal systems.
Rio Tinto will have a five-year option to acquire a 55% interest in the Borosi project by incurring $10-million in qualifying expenditures, of which $3-million is committed to be incurred within two years of obtaining the necessary permits and approvals.
If Rio Tinto exercises the first option and earns a 55% interest in the Borosi projects, it has the right to earn an additional 10% interest by incurring a further $15-million over a three-year period.
Thereafter, Rio Tinto has the right to earn an additional 10% interest, for an aggregate interest of 75%, by incurring an additional $20-million over a subsequent three-year period.
Calibre has been designated as the initial operator of the field work being completed under the earn-in agreement and will receive a fee equal to 10% of expenditures.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Rooted in the hearts of South Africans, combining technology and a quest for perfection to bring you a battery of peerless standing. Willard...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
