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Star Diamond Corporation And Rio Tinto Announce Comprehensive Resolution Of All Disputes And Revised Joint Venture Arrangements
Star Diamond Corporation And Rio Tinto Announce Comprehensive Resolution Of All Disputes ...
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[{"type":"text","content":"\n \n \n \n Star Diamond Corporation And Rio Tinto Announce Comprehensive Resolution Of All Disputes And Revised Joint Venture Arrangements\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n SASKATOON, SK\n \n \n ,\n \n Dec. 9, 2021\n \n /CNW/ - Star Diamond Corporation (\"Star Diamond\") and Rio Tinto are pleased to announce that they have today entered into binding agreements that comprehensively resolve all disputes between them.  As part of that resolution,\n \n Star Diamond\n \n and Rio Tinto have agreed to revised joint venture arrangements that best position the joint venture to advance the development of a diamond mining operation on the Fort à la Corne property in\n \n Saskatchewan, Canada\n \n .\n \n \n Under these new arrangements:\n \n \n \n All expenditures on the project prior to\n \n December 31, 2021\n \n will be the sole responsibility of Rio Tinto's subsidiary, Rio Tinto Exploration Canada Inc. (\"RTEC\");\n \n \n \n \n All expenditures between\n \n January 1, 2022\n \n and the public announcement of a decision to develop a diamond mining operation, based upon the completion of a positive feasibility study, will initially be advanced by RTEC.\n \n Star Diamond\n \n will not be required to begin reimbursing RTEC for\n \n Star Diamond's\n \n share of these expenditures unless and until commercial production has been achieved. The effect of the foregoing is that\n \n Star Diamond\n \n will have no obligation to contribute additional investment to the project until a decision to develop the mine is made and publicly announced;\n \n \n \n \n Once the decision to develop the mine has been made and announced,\n \n Star Diamond\n \n will have six months to begin contributing to the joint venture\n \n Star Diamond's\n \n share of the capital costs and expenditures required to build the mine; and\n \n \n \n \n In exchange for these amendments, the parties have agreed that the participating interests of RTEC and\n \n Star Diamond\n \n in the joint venture have been adjusted to 75% for RTEC and 25% for\n \n Sta...