Rio Tinto Ltd. (RTP) said Tuesday the Mining Warden in Western Australia state has confirmed the validity of its tenure at the Rhodes Ridge iron ore tenements.

Junior miner Cazaly Resources Ltd. (CAZ.AU), with the backing of Fortescue Metals Group Ltd. (FMG.AU), has applied for an exploration license for the tenements, claiming Rio and its joint venture partners haven't met the obligations of the state agreement that gives them rights to the land.

Rio said the Mining Warden had decided the applications needed further consideration but had made clear that any exploration license should not interfere with the activities of Rio and its joint venture partners, Hancock Prospecting and Wright Prospecting.

"The decision has confirmed the validity of the (joint venture's) rights under the Rhodes Ridge State Agreement," Rio said in a statement.

"It has upheld the primacy of the state agreement and all of its associated rights over the provisions of the Mining Act, emphasizing the long term duration of the operation of state agreements necessary to facilitate the economic mining and export of iron ore."

-By Alex Wilson, Dow Jones Newswires; 61-3-9292-2094; alex.wilson@dowjones.com
Cazaly Resources (ASX:CAZ)
Historical Stock Chart
From May 2024 to Jun 2024 Click Here for more Cazaly Resources Charts.
Cazaly Resources (ASX:CAZ)
Historical Stock Chart
From Jun 2023 to Jun 2024 Click Here for more Cazaly Resources Charts.