Karelian Diamond Shares Fall After End of Rio Tinto Agreement
July 01 2020 - 10:57AM
Dow Jones News
By Adria Calatayud
Shares in Karelian Diamond Resources PLC fell Wednesday after
the company said a long-running confidentiality agreement with Rio
Tinto PLC lapsed as the companies haven't entered into a further
extension.
Under the agreement, Rio Tinto disclosed to Karelian Diamonds
confidential information relating to exploration in Finland in
exchange for the option to earn a 51% interest in any project
identified, Karelian said.
The agreement expired on June 30 after nearly a decade, Karelian
said.
Karelian, a U.K.-listed, Finland-focused diamond-exploration
company, said it is considering the best means to progress its
exploration program.
Shares in Karelian at 1413 GMT were down 8.8% at 2.60 pence.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
July 01, 2020 10:42 ET (14:42 GMT)
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