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Rio Tinto (LSE:RIO,NYSE:RIO,ASX:RIO) has sold its Borborema iron ore project in Brazil to Australian company Latin Resources (ASX:LRS), MINING.com reported.
Rio Tinto (LSE:RIO,NYSE:RIO,ASX:RIO) has sold its Borborema iron ore project in Brazil to Australian company Latin Resources (ASX:LRS), MINING.com reported.
As quoted in the market news:
Latin Resources said Wednesday it will pay Rio Tinto’s exploration arm $200,000 for the project, plus $45,000 in legal costs and taxes. The company has also committed to pay a 3% net smelter royalty for the 24 exploration claims and application claims making up the project.
The sale of Borborema came on the heels of Rio’s decision to ditch two coal exploration licences in Queensland, Australia.
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