Chinalco Yunnan Copper Signs Chile Farm-In Pact With Rio Tinto

Date : 09/07/2011 @ 8:51PM
Source : Dow Jones News
Stock : Aluminum Corp. of China Limited American Depositary Shares (ACH)
Quote : 14.91  0.0 (0.00%) @ 4:05AM

Chinalco Yunnan Copper Signs Chile Farm-In Pact With Rio Tinto

China Yunnan Copper (ASX:CYU)
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Chinalco Yunnan Copper Resources Ltd. (CYU.AU) said Thursday it signed an agreement to earn a stake in a copper exploration project in northern Chile with Rio Tinto PLC (RIO).

Chinalco Yunnan Copper said its Chilean subsidiary can earn a 40% interest in the venture with an investment of US$8 million, including US$250,000 in the first year, after which Rio will have 90 days to either resume management of the project or grant the company a further three years to invest US$15 million to take its interest to 60%. If Rio maintains its 60% controlling stake, then a joint venture will be formed between the companies, it said.

-By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094; robb.stewart@dowjones.com

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