RE: Why no....28 Jan 2025 13:31
Rio Tintos confidentiality agreement with KDR was from 2010 - 2020. When it lapsed it was expected that we would have the Lahtojoki permit. Then 5 years unexpected delay. Remember around the same time as the agreement lapsing, Rio Tinto created a new company for Finland (Rio Tinto Exploration Finland), giving them a visible presence in Finland. But they omitted diamonds from this new exploration company, despite installing directors from diamond backgrounds. Always been my belief that KDR is doing Rio's diamond prep work in Finland, without attracting any attention. Maybe i'm wrong, but thats just how i see it.
Lets remind ourselves of the lapsed Rio agreement: this was when they renewed it in 2014..Irish diamond prospector, Karelian Diamond Resources, today said it has reached a deal with global mining giant, Rio Tinto, to gain access to secret exploration data for Karelian's Finland prospect. Karelian has signed an amendment letter to extend the existing Confidentiality Agreement with Rio until 30 June 2020. Under the Confidentiality Agreement, Rio Tinto may disclose to Karelian confidential information and physical geological samples relating to exploration in Finland for the purpose of Karelian considering that information in relation to Karelian's potential and existing exploration programmes in Finland. In consideration of Rio Tinto disclosing the confidential information to it, Karelian has agreed that Rio Tinto will have the option (exercisable at its discretion) to earn a 51 per cent interest in any project identified by Karelian in Finland by Rio Tinto paying the direct cash expenditures incurred in developing the project subject to the following conditions: For diamond projects the option will be triggered if Karelian completes10 tons or more of bulk sampling for diamond exploration; and For all other minerals the option will be triggered if Karelian discovers a resource with an in situ value that is equal to or greater than 3 million ounces of gold in a JORC compliant resource calculation. The Karelian Craton, which is the focus of Karelian's exploration programme in Finland extends across Finland and northwest Russia and is comparable in size to the diamond rich Slave Lake Craton in Canada. Two world class diamond deposits, Lomonosova and the Grib Pipe, have been discovered in the Russian sector of the Karelian Craton and the Russian company, Alrosa, which is the world's largest diamond miner, has indicated that this new diamond region will represent almost all its future growth.
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