On February 23, 2020, Rio Tinto Exploration (Rio Tinto) entered into a definitive option agreement to earn up to a 75% Interest in Calibre Mining Corp’s (Calibre) Borosi properties in exchange for Rio Tinto incurring expenditures of up to US$45M. The Borosi properties include multiple gold and copper porphyry style mineral deposits.
In addition, Rio Tinto concurrently entered into a strategic alliance agreement with Calibre covering unstaked territory in Nicaragua. Pursuant to the alliance agreement, Rio Tinto may direct Calibre to stake additional mining concessions and enter into additional option agreements with Rio Tinto setting out the terms upon which Rio Tinto can earn up to an 80% interest in such concessions.
Rio Tinto is a mining and metals company focused on the production of iron ore for steel, aluminium for cars and smart phones, copper for wind turbines, responsible diamonds, titanium for household products and borates for crops.
Calibre is a Canadian-based exploration and mine development company exploring for world class precious metals.
Osler, Hoskin & Harcourt acted as counsel to Rio Tinto Exploration with a team led by Alan Hutchison (Corporate) and including Patrick Sullivan (Corporate).