While Rio is active in Serbia via its advanced Jadar lithium project, it has also been exploring for copper.
The agreement with Raiden covers the Zapadni Majdanpek, Majdanpek Pojas and Donje Nevlje exploration licences, which sit within the Western Tethyan Metallogenic Belt and are considered prospective for copper porphyry mineralisation.
Previous explorers have defined geochemical and geophysical anomalies which are yet to be tested.
Rio will be appointed as manager of the joint venture and will sole-fund exploration.
The major will be required to spend $2.5 million over three years, including a minimum $500,000 in the first year, to earn an initial 51%, and can get to 65% by spending another $9 million over an additional three years.
If Rio ...