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Intercept Minerals, Rio Tinto agree to farm-in terms for Tiwi Islands bauxite project
Edited by : AL CIRCLE
1 min read
Intercept Minerals (ASX: IZM) has agreed the principal terms for a farm-in agreement with Rio Tinto (ASX: RIO) over Intercept’s Tiwi Islands bauxite project.
Intercept has an exploration licence covering 1,431 square kilometres of land under application in northeast region of Melville Island, within the Tiwi Islands.
Rio will spend $ 5 million over four years to earn a 75% interest in the Tiwi Islands tenement as well as paying a sign on fee of $50,000 to Intercept upon signing a formal farm-in agreement.
The agreement is subject to conditions, including negotiating an access agreement with the Tiwi Land Council and the formal grant of the exploration licence.
Intercept has an exploration licence covering 1,431 square kilometres of land under application in northeast region of Melville Island, within the Tiwi Islands.
Rio will spend $ 5 million over four years to earn a 75% interest in the Tiwi Islands tenement as well as paying a sign on fee of $50,000 to Intercept upon signing a formal farm-in agreement.
The agreement is subject to conditions, including negotiating an access agreement with the Tiwi Land Council and the formal grant of the exploration licence.
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