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Rio Tinto Opts into Canada Diamond Project
Jun 26, 2017 4:50 AM
By Rapaport News
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RAPAPORT... Rio Tinto has partnered with mineral exploration group Shore
Gold to develop a diamond mine in Canada.
The option agreement will potentially grant Rio Tinto up to
60% of the proceeds from the Star-Orion South Diamond Project in Saskatchewan. Shore
Gold has been developing the site for more than 20 years.
The asset contains 55.4 million carats of rough diamonds at
a projected average price of $210 per carat, according to a resource estimate from
2015. The project’s “inferred” resources — those that are assumed to be there
but have not been verified — amount to an additional 11.5 million carats.
“We are extremely pleased to partner with Rio Tinto to
further develop the potential of the project,” said Ken MacNeill, CEO of Shore
Gold. “Rio Tinto is one of the few companies in the world with the resources
and expertise to move forward with a project of the magnitude of the Star-Orion
South Diamond Project.”
Rio Tinto currently owns the Argyle mine in Australia, as
well as a 60% stake in the Diavik mine in Canada. However, the company only
expects Argyle to remain in operation until 2020. |
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Tags:
Argyle, Australia, Canada, Diavik, exploration, Ken MacNeill, Rapaport News, Rio Tinto, Saskatchewan, Shore Gold, the Star-Orion South Diamond Project
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