Rio Tinto, LCL sign agreement for Ono Project in Papua New Guinea [Yahoo! Finance]
Rio Tinto Plc (RIO)
US:NYSE Investor Relations:
riotinto.com/investors-87.aspx
Company Research
Source: Yahoo! Finance
The arrangement allows Rio Tinto to earn an initial 51% interest in the mining project by investing at least A$8m ($5.61m) in exploration activities, which will include a minimum of 4,000m of drilling. This collaboration aims to uncover porphyry copper-gold deposits. Further rights enable Rio Tinto to increase its stake to 80% by committing an additional A$40m towards exploration or by defining a mineral resource compliant with the Joint Ore Reserves Committee (JORC) standards. The resource must comprise at least 1.25 million tonnes of contained metals on a copper-equivalent basis and be accompanied by a scoping study. LCL will initially manage the project and receive a management fee equivalent to 10% of the expenditure. The Ono Project is situated within the Owen Stanley Metamorphic Belt, approximately 150km south of Lae port. This area is known for hosting significant mineral resources such as the Hidden Valley gold mine and the Wafi-Golpu copper/gold project. The pr
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Sec Filings
- 2/19/26 - Form IRANNOTICE
- RIO's page on the SEC website