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Rio Tinto Exploration sells Queensland licences

19th November 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – The exploration division of major Rio Tinto has sold off two coal exploration licences in Queensland to junior Mozambi Coal.

Mozambi paid Rio Tinto Exploration an initial cash consideration of A$375 000, and additional milestone payments of up to A$3-million were due upon the delineation of a measured resource in excess of 50-million tonnes, and upon the start of export shipments.

Mozambi told shareholders that the exploration licences provided multiple exploration targets, despite the licence being considered early stage.

The ASX-listed junior has also entered into a heads of agreement with a third party to acquire a further three coal licences and applications, also in Queensland.

Edited by Creamer Media Reporter

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