Karelian Diamond exploration agreement with Rio Tinto expires

Wed, 1st Jul 2020

Karelian Diamond Resources said an agreement it had held with Rio Tinto since 2010 regrading diamond exploration in Finland had expired without being extended. The agreement had been extended once before, in 2014, until the end of June 2020. Under the pact, Rio Tinto had been disclosing to Karelian Diamonds confidential information relating to exploration in Finland. In return, Rio Tinto had an option to earn a 51% interest in any project identified by Karelian Diamonds in Finland, by Rio Tinto paying development costs. Karelian Diamonds said it was now considering the best means to progress its exploration programme, particularly operations at Lahtojoki and Kuhmo. A further announcement would be made in due course should any subsequent agreement be reached between Karelian Diamonds and Rio Tinto. 'We have had a positive and constructive relationship with Rio Tinto for a number of years and the confidential information made available to Karelian has assisted in the company's knowledge base and progression of its mineral exploration programme,' chief executive Richard Conroy said. 'Whilst no agreement has been entered into at this stage to extend the agreement with Rio Tinto I look forward to our maintaining a good relationship moving forward.' At 2:57pm: (LON:KDR) Karelian Diamond Resources PLC share price was -0.25p at 2.6p Story provided by StockMarketWire.com

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