Brief: Arctic Minerals Signs Earn-In & Joint Venture Agreement With Rio Tinto Group

Arctic Minerals AB (publ)

21/01/2020 07:33

Jan 21 (Reuters) - Arctic Minerals AB  ARCT.ST :
    * ARCTIC MINERALS SIGNS EARN-IN & JOINT VENTURE AGREEMENT
WITH RIO
TINTO GROUP.
    * ARCTIC MINERALS AB - JOINT VENTURE AGREEMENT WITH RIO
TINTO
MINING & EXPLORATION LTD, A SUBSIDIARY OF RIO TINTO GROUP.
    * ARCTIC MINERALS AB - HAS SIGNED AN EARN-IN AND JOINT
VENTURE
AGREEMENT WITH RIO TINTO MINING & EXPLORATION LTD, A SUBSIDIARY
OF RIO TINTO GROUP
    * ARCTIC MINERALS AB - RIO TINTO MAY INCREASE ITS INTEREST
TO 75%
BY SPENDING A FURTHER US$5 MILLION OVER A SUBSEQUENT 2-YEAR
PERIOD
    * ARCTIC MINERALS AB - AGREEMENT IS SUBJECT TO COMPLETION OF
SATISFACTORY DUE DILIGENCE BY RIO TINTO.
    * ARCTIC MINERALS AB - AGREEMENT CONCERNS ARTIC MINERALS'
COPPER
EXPLORATION PROJECT IN PERÄPOHJA REGION OF SOUTHERN FINNISH
LAPLAND.
    * ARCTIC MINERALS AB - ONCE RIO TINTO'S INTEREST HAS REACHED
75%,
EACH PARTY CAN MAINTAIN ITS INTEREST BY CONTRIBUTING TO
EXPLORATION SPENDING ON A PRO-RATA BASIS OR CHOOSE TO BE DILUTED
PRO-RATA.
    * ARCTIC MINERALS AB - AGREEMENT PROVIDES FOR RIO TINTO TO
EARN AN
INITIAL 51% INTEREST IN CERTAIN OF ARCTIC MINERALS' EXPLORATION
PROPERTIES IN PERÄPOHJA SCHIST BELT
    * ARCTIC MINERALS AB - INITIAL 51% INTEREST BY SPENDING A
TOTAL OF
US$4 MILLION ON EXPLORATION WITHIN 3 YEARS OF EFFECTIVE DATE OF
AGREEMENT

Source text for Eikon:  ID:nBQN8SX8Kr 
Further company coverage:  ARCT.ST 

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