Rio Tinto to earn up to 80% in PNG copper/gold targets

From miningweekly.com

ASX-listed junior LCL Resources has agreed a farm-in and joint venture agreement with Rio Tinto over its Ono project in Papua New Guinea (PNG), unlocking up to A$48-million in exploration funding as the major targets porphyry copper/gold discoveries. Under the agreement, Rio Tinto can earn an initial 51% interest by sole funding at least A$8-million in exploration, including a minimum 4 000 m drilling programme, while also making staged cash payments of up to A$1.5-million to LCL. The mining major may increase its stake to 80% by funding a further A$40-million in exploration or by defining a Joint Ore Reserve ... (full story)