Rio Tinto signs agreement to earn 65% stake in copper assets from Lion Copper and Gold
2022-03-23 14:42:05 [Print]
Canada-based Lion Copper and Gold has entered into an earn-in deal with Rio Tinto America to sell its 65% interest in copper assets in Mason Valley, Nevada. These assets include 34,494 acres of land comprising the Yerington mine, greenfield MacArthur Project, Wassuk property, the Bear deposit, and associated water rights.
Rio Tinto will make a $4 million payment for an exclusive earn-in option and for study and evaluation work at the Mason Valley project. Upon completion of the feasibility study, the two firms will create an investment vehicle that will hold the mining assets. Rio Tinto will have at least a 65% stake in the investment vehicle.
Rio Tinto will have the option to increase its stake in the investment vehicle by finance up to $60m of Lion Copper and Gold's project financing costs. A further $40m of project financing costs can be funded by Rio Tinto in exchange for an additional 5% stake increase in its ownership.
Rio Tinto will make a $4 million payment for an exclusive earn-in option and for study and evaluation work at the Mason Valley project. Upon completion of the feasibility study, the two firms will create an investment vehicle that will hold the mining assets. Rio Tinto will have at least a 65% stake in the investment vehicle.
Rio Tinto will have the option to increase its stake in the investment vehicle by finance up to $60m of Lion Copper and Gold's project financing costs. A further $40m of project financing costs can be funded by Rio Tinto in exchange for an additional 5% stake increase in its ownership.
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