Gold Mining News Hubb
Advertisement
  • Home
  • Gold News
  • Mining News
  • Contact us
No Result
View All Result
  • Home
  • Gold News
  • Mining News
  • Contact us
No Result
View All Result
Gold Mining News Hubb
No Result
View All Result
Home Mining News

Rio Tinto venture picks stake in Canadian firm Regulus Resources

admin by admin
January 31, 2023
in Mining News


Nuton acquired the common shares of Regulus for the purpose of investment. Credit: Dorothe from Pixabay.

Rio Tinto’s copper leaching technology venture Nuton has acquired a 16.5% stake in Canadian exploration company Regulus Resources for $15m.

Under the arm’s length non-brokered private placement financing, Nuton purchased 20.06 million common shares of Regulus, at C$1.02 apiece.

In a statement, Rio Tinto said: “Upon completion of the Financing, Nuton acquired beneficial ownership and control over 20,058,974 Common Shares representing 16.1% of the issued and outstanding Common Shares on completion on a non-diluted basis.”

Nuton also signed a collaboration agreement with Regulus whereby the former gets certain investor rights.

This includes enabling Nuton to maintain its equity holding in Regulus if it continues to have a stake of more than 10%.

Nuton will also nominate a director to the Regulus board. In addition, the duo will set up a joint venture advisory committee to share skills, exploration concepts and development opportunities at the Regulus Resources’ AntaKori project in Peru.

The financing from Nuton will be used by Regulus to develop the AntaKori copper-gold project as well as for general corporate purposes.

In its statement, Rio Tinto further noted: “The Company has granted exclusivity to Nuton in the area of novel, patented or trade secret leaching technologies, for a period of one year after the delivery of metallurgical samples from AntaKori to Nuton for testing.

“For a one-year period, Nuton has agreed to not sell any share of Regulus, acquire greater than a 19.9% interest in the company and vote its common shares in favour of each director nominated by the company.”

The mining giant said Nuton bought Regulus’ common shares for the purpose of investment.





Source link

Previous Post

Resolute shows signs of recovery after beating 2022 gold output guidance

Next Post

Visualizing the Scale of Global Fossil Fuel Production

Next Post

Visualizing the Scale of Global Fossil Fuel Production

Recommended

De Beers diamond sales rise as demand from China picks up

April 12, 2023

5 Vanadium Projects to Watch in South Africa

July 18, 2023

Don't miss it

Gold News

Kano governor rejects tribunal judgment, heads to Appeal Court

September 21, 2023
Mining News

Indian and Canadian officials meet to discuss critical minerals 

September 21, 2023
Gold News

Gold Fields to unveil new CEO in two weeks

September 21, 2023
Gold News

Top 10 Highlights from AOG 2023 – Energy Capital & Power

September 21, 2023
Gold News

Tinubu’s cabinet of controversy, By Zainab Suleiman Okino

September 20, 2023
Mining News

Ranked: The Highest Paid CEOs in the S&P 500

September 20, 2023
gold mining-66

© Gold Mining News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • Gold News
  • Mining News
  • Contact us

Newsletter Sign Up

No Result
View All Result
  • Home
  • Gold News
  • Mining News
  • Contact us

© 2022 Gold Mining News Hubb All rights reserved.