Rio Tinto Exploration to receive $1.1m if deal approved

Company News

by Jessica Amir

Bowen Coking Coal inked a deal to buy Cape Coal’s rights with Rio Tinto (ASX:RIO) Exploration or RXT.

The deal will see RXT or Rio Tinto (ASX:RIO) Exploration receive $1.1 million with $100,000 in cash and $1 million is payable on the granting of a mining lease for the project

The project in Queensland’s Bowen Basin is close to infrastructure with tenements currently being held by Rio Tinto Exploration.

Cape Coal and RXT have been in talks since February 2016 and the transaction remains subject to shareholder approval.

Shares in Rio Tinto (ASX:RIO) are trading 2.83 per cent higher to $81.12.

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 with a passion for equities and funds management. As Head of News, she has been a broadcast journalist for over seven years, specialising in finance. She has been a journalist with Sky News Business, ABC 1, ABC's The Business and ABC24. She’s also worked as a TV reporter for regional Channel 7 and 9. She also previously worked as a financial planner and real estate agent.