Deals this week: Rio Tinto, Benton Resources, Highland Gold Mining
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Deals this week: Rio Tinto, Benton Resources, Highland Gold Mining

04 Jan 2019

Rio Tinto has signed a power source framework agreement (PSFA) with the Mongolian Government for the supply of electricity to the Oyu Tolgoi project.

Rio Tinto has signed a power source framework agreement (PSFA) with the Mongolian Government for the supply of electricity to the Oyu Tolgoi project.

Rio Tinto proposes to domestically source power and plans to develop a 300MW power plant by mid-2023, as part of the agreement.

Based in the UK, Rio Tinto is a metals and mining company.

Benton Resources has entered an agreement with Rio Tinto Exploration Canada (RTEC) to earn the right to acquire 100% interest in Baril Lake claims in Ontario.

RTEC has agreed to pay $200,000 over four years to Benton for earning the interest in the Baril project. Benton will also receive an additional $1m following commercial production at the project. It will also earn a 2% net smelter royalty (NSR), of which RTEC will have the option to acquire half for $1m.

Both based in Canada, Benton Resources is a mineral exploration company, while Rio Tinto Exploration Canada is a subsidiary of UK-based metals and mining company Rio Tinto.

Highland Gold Mining has completed the acquisition of the Valunisty mine and related companies from Aristus Holdings.

“RTEC has agreed to pay $200,000 over four years to Benton for earning the interest in the Baril project.”

Highland has issued 38.6 million ordinary shares priced at £0.001 ($0.001) a share to Aristus, as part of the transaction.

Based in Jersey, Highland Gold Mining is engaged in developing a portfolio of quality gold mining projects in Russia, while Cyprus-based Aristus Holdings is owned and controlled by a consortium of individual investors, including Roman Abramovich and Alexander Abramov.

Azincourt Energy has secured $750,000 in funding from an arms’ length third-party for conducting winter work programme at its East Preston uranium project in Saskatchewan, Canada.

Arranged under a letter of intent, the financing allows the investor to earn a 10% beneficial interest in the project. The investor will receive common shares of Azincourt based on the last closing price on the TSX Venture Exchange, immediately prior to the exercise of the right.

Based in Canada, Azincourt Energy is an exploration and development company focused on alternative fuels/energy sector.

Pacific Ridge Exploration has received a $1.2m option payment from BMC Minerals, under an amended purchase option agreement for the Fyre Lake project.

BMC will make a final payment of $1.22m, which is required to exercise the option before 31 December 2020, after obtaining production financing for its Kudz Ze Kayah project in Yukon.

In addition, BMC agreed to pay $75,000 for every six months commencing from 30 June 2019 until the final tranche payment.

Pacific Ridge intends to use the funds to conduct exploration activities at its Spius porphyry copper prospect in British Columbia and White Gold District gold projects in Yukon.

Pacific Ridge is a Canadian junior exploration company with a portfolio of highly prospective gold and base metal projects in Yukon and British Columbia, while BMC Minerals is a UK-based private resource development company.