Strandline Resources Limited
(ASX:STA) has entered into a earn-in and Joint Venture Agreement with Rio Tinto Limited
(ASX:RIO).
The Agreement is worth AUD$14.5 million and is in connection with Strandline Resources’ suite of heavy mineral sands (HMS) tenement in Tanzania.
The Joint Venture applies to a portion of Strandline’s highly prospective portfolio which extends for 350 kilometres across the Tanzanian coastline.
Rio Tinto has the option to spend up to $12 million on the project and earn up to 75% in the tenement.
Exploration will commence as soon as possible with Strandline set to act as the manager, until Rio Tinto has earned a 51% participating interest in the project.
Shares in Rio Tinto Limited
(ASX:RIO) opened 2.21% higher at $61.14
