Filter content by area of interest
Handling Equipment/Systems
Ports & Terminals
Transport & Distribution
Materials & Commodities
ICT & Telecoms
Civil Engineering
Safety & Security
 View all Topics View all Topics A-Z
More View all Topics View all Topics A-Z

You are viewing this article with our compliments. 

register  or  login  to manage your newsletter preferences and to prevent this message from appearing.

Rio Tinto forms Mozambique JV with AfNat

Mining and exploration company AfNat has entered a joint venture agreement with Rio Tinto Minerals Development Limited, a wholly owned subsidiary of Rio Tinto Plc.
Linked InTwitterFacebookeCard

The JV agreement sets out the terms on which Rio Tinto will manage and develop the Company’s exploration licenses in Mozambique in relation to the exploration of copper, cobalt, nickel, platinum, gold and associated minerals and metals in the Manica Province, Mozambique, currently owned by the Company’s wholly owned subsidiary Zambezi Níquel Moçambique, Limitada.

Rio Tinto would invest US$5M in exploration expenditure to earn an initial 51% stake in a newly formed JV company, with AfNat holding the balance.

George Roach, CEO of AfNat, said: “The joint venture agreement signed with Rio Tinto today is an extremely positive development for the Company, and for its prospects in Mozambique.

“Rio Tinto will provide both the capital and the management expertise to develop the Company’s Mozambique assets and, we hope, further down the line bring the Company’s licenses in the country into full production.

"Additionally, the agreement significantly reduces the Company’s liabilities in Mozambique which is in line with the Company’s current strategy to minimise expenditure on its early stage exploration projects,” he said.

Linked InTwitterFacebookeCard

You may also like these related articles...

British Sugar extends Abbey Logistics contract

New dry bulk shortsea alliance in Europe

Tyne’s million-pound wood pellet investment

DB Cargo UK inks Brett Aggregates contract

Bumper start to US soya export season

Service contract at Aitik copper mine

Linked In