Kingrose-BHP alliance buys Finnish project from Rio Tinto
Australia-listed Kingrose Mining on Friday announced the acquisition of the Jakon nickel/copper/cobalt project in Finland from Rio Tinto Exploration, strengthening its presence in the European country.
The acquisition will form part of Kingrose’s exploration alliance with BHP, which is now covering 1 198 km2.
“The Jakon acquisition is an exciting addition to our exploration alliance with BHP in Finland. The project strengthens our position within the Kotalahti nickel/copper belt, providing a pipeline of exploration opportunities including drilled prospects that are open for further exploration growth,” said Kingrose MD Fabian Baker.
The Jakon project comprises two exploration permits and six exploration reservations totalling 205 km² in central Finland, located near the past-producing Hitura mine and about 40 km from Kingsrose’s Haapajarvi exploration reservation.
The project features several high-priority nickel/copper/cobalt targets identified from Kingsrose’s target generation work during the 2023 BHP Xplor programme.
Rio Tinto’s previous exploration between 2019 and 2022 included 34 diamond drill holes totalling 11 524 m.
The acquisition cost is funded by BHP under the alliance, subject to the alliance remaining active at the time of each payment. The acquisition terms include €37 500 cash payable on signing and €37 500 cash payable on the one-year anniversary of signing; €5-million cash payable within 90 days of a positive final investment decision (FID) to construct a mine within the Jakon project area, and 1% net smelter royalty payable to Rio Tinto with the right for Kingsrose to buy back 0.25% of the royalty for €5-million at any time prior to 90 days following FID.
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