Mining Frontier
  • Home
  • News
  • Press Releases
  • Market Reports
  • Sectors
    • Aluminium
    • COAL
    • COPPER
    • DIAMONDS
    • GOLD
    • IRON ORE AND MANGANESE
    • NICKEL
    • NIOBIUM
    • PHOSPHATES
    • PLATINUM
    • STEEL
  • Projects
  • Events & Conferences
  • Contact US
  • More
    • Newsletter Archive
No Result
View All Result
  • Home
  • News
  • Press Releases
  • Market Reports
  • Sectors
    • Aluminium
    • COAL
    • COPPER
    • DIAMONDS
    • GOLD
    • IRON ORE AND MANGANESE
    • NICKEL
    • NIOBIUM
    • PHOSPHATES
    • PLATINUM
    • STEEL
  • Projects
  • Events & Conferences
  • Contact US
  • More
    • Newsletter Archive
No Result
View All Result
Mining Frontier
No Result
View All Result
Home Press Releases

Rio Tinto signs earn-in on Midnight Sun’s Solwezi licences in Zambia

April 29, 2020
in Press Releases
Rio Tinto completes sale of its stake in Russing Uranium Limited

Note* - All images used are for editorial and illustrative purposes only and may not originate from the original news provider or associated company.

Global mining giant Rio Tinto has signed an earn-in and joint venture agreement with Vancouver-headquartered Midnight Sun Mining. Under the agreement, Rio Tinto can buy up to a 75% interest in the Solwezi licences in Zambia for a total of $51m.

The Solwezi licences consist of two individual exploration licences. Totalling 506km2, these licences are located in Zambia’s north-western province, adjacent to First Quantum’s Kansanshi mine.

Midnight Sun Mining acting CEO Al Fabbro said: “I am excited to be partnering with one of the preeminent leaders in the mining industry. “Rio Tinto’s enthusiasm towards the Solwezi Licences reflects my own. Their expertise combined with their aggressive exploration plans are precisely what I want to see for this project.”

As part of the earn-in agreement, Rio Tinto will make an initial cash payment of $700,000 to Midnight Sun, and also fund an initial work programme on the Solwezi licences.

Rio Tinto will spend $3m, of which $2m is a firm commitment, within the next two field seasons. Upon completion of the firm commitment, another $300,000 will be paid to Midnight Sun before Rio Tinto progresses with other extra expenditures.

Rio Tinto can earn 51% ownership of the Solwezi licences on completion of the initial work programme. It will have to spend a further $16m in work expenditures in four years.

In addition, Midnight Sun will receive a total of $1m in additional scheduled cash payments. According to Midnight Sun Mining, Rio Tinto can later earn a further 14% and 10% ownership of the licences by spending an additional $14m and $15m, respectively, on work in two years.

Last week, Rio Tinto and communications provider Motorola Solutions jointly designed and deployed a backup communications tool. Earlier this month, Rio Tinto introduced new measures at its Pilbara operations in Western Australia to combat the coronavirus (Covid-19) pandemic.

Previous Post

Russia's Uralmashplant ships new hoist to Siberian Polymetals Korbalikhinsky mine

Next Post

Covid-19: Mining firms in Zambia seek government relief package

Related Posts

High Pulsed
Press Releases

Codelco & I-Pulse: High-Pulsed Power for Sustainable Mining

May 17, 2025
Press Releases

Your direct connection to top Chinese metalcasters and suppliers

April 8, 2025
Press Releases

All materials, Whole process, Full industry chain It’s time to register for METAL CHINA/DIECASTING/NONFERROUS CHINA 2025

April 8, 2025
Aluminium

L&T Minerals & Metals Wins Large Orders in Steel and Alumina

February 27, 2025
North America

Cummins Acquires First Mode for Decarbonization Leadership

February 19, 2025
Aluminium

Hydro and Rio Tinto Partner on Aluminium Decarbonization

February 19, 2025
Next Post
Covid-19: Mining firms in Zambia seek government relief package

Covid-19: Mining firms in Zambia seek government relief package

No Result
View All Result

Recent Posts

  • Automated Solutions in Mining Equipment Driving the Change
  • Absolute Visibility of Digital Transformation in Mining
  • 2025 Mining Equipment Trends – Carrying Legacy to Modernity
  • Ore Extraction Processes Getting AI-Powered Robot Support
  • A Deep Dive into Machinery Maintenance in Mining in Canada

System

  • Search
  • Sitemap
  • Feed

Resources

  • Contact US
  • Download Mediapack
  • Home
  • News
  • Press Releases
  • Market Reports
  • Sectors
  • Projects
  • Events & Conferences
  • Contact US
  • More

© 2019 Copyright Valuemediaservices All rights reserved.

No Result
View All Result
  • Home
  • News
  • Press Releases
  • Market Reports
  • Sectors
    • Aluminium
    • COAL
    • COPPER
    • DIAMONDS
    • GOLD
    • IRON ORE AND MANGANESE
    • NICKEL
    • NIOBIUM
    • PHOSPHATES
    • PLATINUM
    • STEEL
  • Projects
  • Events & Conferences
  • Contact US
  • More
    • Newsletter Archive

© 2019 Copyright Valuemediaservices All rights reserved.

Login to your account below

Forgotten Password? Sign Up

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In