Rio buys application

GLOBAL mining giant Rio Tinto has struck a deal with its joint venture partner, TNG, to purchase the junior’s stake in the pair’s stalled Melville Island bauxite and heavy minerals application for A$80,000 plus a 2% net smelter royalty.

Rio buys application Rio buys application Rio buys application Rio buys application Rio buys application

A farm-in agreement was signed by both parties in October 2012 allowing Rio to earn 80% equity in the project with TNG retaining 20% equity, with an option to either start contributing cash or covert

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