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 is a senior finance journalist and presents the Market Outlook, Market at Midday and Market Wrap. She also presents ASX company news and interviews CEOs. She joined FNN in January 2017 with six years of broadcast journalism experience. She worked as a journalist and producer with Sky News Business, ABC 1, ABC's The Business and ABC24. She also worked in regional Australia for Prime 7 and WIN News as a TV reporter. In her prior life she worked as a financial planner.