Business
JV & Earn-In Agreement with Rio Tinto Mining
JV & Earn-In Agreement with Rio Tinto Mining.
About this update from 80 Mile Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8499E\n Bluejay Mining PLC\n 10 November 2020\n \n \n \n \n Bluejay Mining plc / EPIC: JAY / Market: AIM / Sector: Mining\n \n \n 10 November 2020\n \n \n Bluejay Mining plc \n \n \n ('Bluejay' or the 'Company')\n \n \n \n \n \n Joint-Venture & Earn-In Agreement with Rio Tinto Mining and Exploration Ltd\n for up to US$20 million at Enonkoski Project Finland \n \n \n \n \n \n Bluejay Mining plc, the AIM, OTCQB and FSE listed exploration and development company with projects in Greenland and Finland, is pleased to announce that it has entered into an Option to Joint Venture Agreement (the \"Agreement\") with Rio Tinto Mining and Exploration Limited (\"Rio Tinto\") on its Enonkoski nickel project (\"Enonkoski\") where Rio Tinto may acquire up to a 75% interest in Enonkoski by completing US$20.0 million worth of expenditure. \n \n \n \n \n \n Overview of transaction \n \n \n \n Terms\n \n \n of the Agreement\n \n - Rio Tinto may acquire up to a 75% interest, in stages, in the Enonkoski Project by sole funding US$20.0 million in project expenditures or cash equivalent payments over three stages:\n \n \n · \n Stage One - Rio Tinto can move to 51% ownership by spending US$5.0 million by November 2023. Of this $5.0 million, $0.4 million is expected to be spent by 30 March 2021\n \n \n · \n Stage Two - 65% ownership for further expenditure of US$5.0 million by November 2025\n \n \n · \n Stage Three - 75% ownership for further expenditure of US$10.0 million by November 2029\n \n \n · \n Beyond Stage Three, each party shall fund its respective 75%:25% share of project expenditure or be diluted \n \n \n \n \n \n Shareholders should note that there is no guarantee that Rio Tinto will exercise its option to enter into a joint venture with the Company or that any project expenditure will be provided for E\n nonkoski or any cash payments made to Bluejay. Further announcements concerning the status of the Agreement will be made by the Company in due course.\n \n \n Rod McIllree, CEO of Bluejay Mining said:\n \n \"We are delighted to have signed this Agreement with Rio Tinto and look forward to a successful partnership as we jointly assess the Enonkoski nickel belt. This belt has demonstrable nickel occurrences and past production and it's a testament to the project that ...