McEwen Mining Agrees to Terms for JV Option in Nevada With Rio Tinto Subsidiary
September 06 2022 - 06:51AM
Dow Jones News
By Adriano Marchese
McEwen Mining Inc. said Tuesday that it has signed an option to
become a majority joint-venture partner with mining major Rio Tinto
PLC in Nevada.
The Canadian gold and silver producer said that it has entered
into a binding term agreement with Rio Tinto's subsidiary,
Kennecott Exploration Co., for an option to earn a 60% interest in
the Elder Creek property.
To exercise the option, McEwen would have to pay $18 million,
after which the two parties would form an unincorporated joint
venture where McEwen would be the largest partner, and Kennecott
would be the project operator.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
September 06, 2022 06:36 ET (10:36 GMT)
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