Rio partners with Tanzania miner
The JV will encompass the company’s southern tenements in Tanzania including Miteja, Kiswere, Sudi and Mtwara. Image: Strandline Resources. BY ELIZABETH FABRI RIO Tinto has entered an earn-in joint venture agreement with ASX-listed Strandline Resources for a majority interest in the company’s mineral sands tenements in southern Tanzania. The terms of the agreement require Rio Tinto to spend $US5 million within three and a half years to earn a 51 per cent participating interest, including a mandatory commitment of $US2 million within 18 months. A second stage payment of $US4 million was also required within two years to earn a 75 per cent interest in the project, plus cash payments totalling $US1.75 million over the course of the agreement. Both...