SG:Great Lakes Nickel signs option deal with Rio Tinto
The Canadian Press reported that Great Lakes Nickel Limited has signed an agreement with Rio Tinto Exploration Canada Inc to option out its mining properties in Pardee Township in northwestern Ontario.
The Toronto mineral developer said that the price tag of the deal is USD 5.5 million over 7 years.
At the end of that period, Rio Tinto is required to grant the junior company a two per cent net smelter royalty on production.
Rio Tinto Exploration is a unit of Rio Tinto PLC, one of the world's biggest miners, with operations in Canada and other parts of the world.
