Chinalco Yunnan Copper Signs Chile Farm-In Pact With Rio Tinto
08 September 2011 - 10:51AM
Dow Jones News
Chinalco Yunnan Copper Resources Ltd. (CYU.AU) said Thursday it
signed an agreement to earn a stake in a copper exploration project
in northern Chile with Rio Tinto PLC (RIO).
Chinalco Yunnan Copper said its Chilean subsidiary can earn a
40% interest in the venture with an investment of US$8 million,
including US$250,000 in the first year, after which Rio will have
90 days to either resume management of the project or grant the
company a further three years to invest US$15 million to take its
interest to 60%. If Rio maintains its 60% controlling stake, then a
joint venture will be formed between the companies, it said.
-By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094;
robb.stewart@dowjones.com
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