(Alliance News) - Bluejay Mining PLC on Friday said it will kick off work at the Enonkoski project in Finland after a Rio Tinto PLC exploration arm agreed to a joint-venture.
Rio Tinto Mining & Exploration Ltd notified Bluejay that all remaining conditions of the joint-venture were satisfied.
The pact could in stages see Rio take a 75% stake at the nickel project by completing USD20.0 million worth of expenditure.
"I am delighted to inform the market that we have received confirmation that the remaining conditions for the commencement of the joint-venture agreement with Rio Tinto have been met. As much of the due diligence work was completed prior to signing of the JV agreement, I am pleased to see that we have together been able to quickly move forward with the near-mine geophysical surveys and other data acquisitions all aiming to further refine targets to be tested by drilling in 2021," said Thomas Levin, chief operating officer of Bluejay unit FinnAust.
Bluejay shares were 1.5% lower at 11.62 pence each in London on Friday morning.
By Eric Cunha; ericcunha@alliancenews.com
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Rio Tinto (RIO)
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