Latest news with #RRJV
Yahoo
14-04-2025
- Business
- Yahoo
CZR Resources receives $46.4m offer for Robe Mesa project in Australia
CZR Resources has received a binding offer from the Robe River Iron Associates Joint Venture (RRJV) to acquire its interests in key tenements of the Robe Mesa iron ore project in Western Australia for A$75m ($46.4m) in cash. The deal includes a sale and purchase agreement, a loan facility and a release deed to facilitate the transfer of assets. The RRJV comprises North Mining, a fully-owned subsidiary of Rio Tinto; Robe River Mining, which is 60% owned by Rio Tinto and 40% by Mitsui; and Mitsui Iron Ore Development, a subsidiary of Mitsui & Co. An upfront non-refundable exclusivity fee of A$650,000 is also part of the offer. In addition, the agreement includes a working capital loan facility of A$3.85m secured against exploration licence E08/1686 and other assets of Zanthus, a CZR subsidiary. The CZR board has deemed the Robe River JV offer superior to the previous Fenix Resources takeover offer, citing a significant premium, immediate cash availability and the retention of non-Robe Mesa project portfolios. The cash consideration from RRJV is expected to provide CZR with approximately A$68m post-tax, allowing for the development of retained projects without dilutive capital raisings. CZR will retain a 50% interest in several projects, which represent significant value for the company. These retained projects include the Ashburton Link and the proposed Port of Ashburton export facility, the Croydon Gold Project, the Buddadoo titanium-vanadium magnetite project, and the Shepherd's Well and Yarrie exploration projects. Fenix Resources has been notified of the superior proposal and has the right to submit a counterproposal by 17 April 2025. If Fenix presents a counterproposal, the CZR Board will review it to determine if it is more favourable than the Robe River JV offer. CZR's largest shareholder, Mark Creasy, has expressed support for the Robe River JV offer, stating his intention to vote in favour of the proposed transaction at the upcoming shareholder meeting, barring a superior proposal. "CZR Resources receives $46.4m offer for Robe Mesa project in Australia" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
19-02-2025
- Business
- Yahoo
Rio Tinto notes Mitsui has agreed to join Rhodes Ridge Joint Venture
PERTH, Australia, February 19, 2025--(BUSINESS WIRE)--Rio Tinto notes that Mitsui & Co. has entered agreements to acquire a 40% interest in the Rhodes Ridge Joint Venture (RRJV) from Rio Tinto's partners. Mitsui & Co. has agreed to acquire all of VOC Group Limited's (VOCG) 25% interest1 in the joint venture. Separately, Mitsui & Co. has entered into a heads of agreement (HOA) to acquire a further 15% interest in the RRJV from AMB Holdings Pty Ltd1. Both transactions are subject to regulatory approvals and other closing conditions. Mitsui & Co. and Rio Tinto are long-standing partners at the Robe River Joint Venture2. Rio Tinto welcomes Mitsui & Co. to Rhodes Ridge and looks forward to progressing the project. Rio Tinto's 50% interest in the RRJV and the terms of the joint venture arrangements are unchanged. Under the HOA, AMB Holdings Pty Ltd would retain a 10% stake in the RRJV. A pre-feasibility study to progress the development of Rhodes Ridge is expected to be completed this year, with a feasibility study to follow. The development would use Rio Tinto's rail, port and power infrastructure. First ore from Rhodes Ridge is expected by 2030. Footnotes 1 Wright Prospecting Pty Ltd's former 50% interest in the RRJV has been restructured and separated into two newly formed entities separately controlled by its shareholders, VOCG and AMB. VOCG holds its 25% interest through an entity named Rhodes Ridge Mining (No 2) Pty Ltd and AMB holds its 25% interest through Rhodes Ridge Mining (No 1) Pty Ltd. 2 Operations began in the Robe Valley, near Pannawonica, in 1972. Rio Tinto is the majority owner (53%), with partners Mitsui Iron Ore Development (33%) and Nippon Steel (14%). View source version on Contacts Please direct all enquiries to Media Relations, United Kingdom David Outhwaite M +44 7787 597 493Media Relations, Australia Matt Chambers M +61 433 525 739Michelle Lee M +61 458 609 322Rachel Pupazzoni M +61 438 875 469Media Relations, Canada Simon Letendre M +1 514 796 4973Malika Cherry M +1 418 592 7293Vanessa Damha M +1 514 715 2152Media Relations, US Jesse Riseborough M +1 202 394 9480 Investor Relations, United Kingdom Rachel ArellanoM: +44 7584 609 644David Ovington M +44 7920 010 978Laura Brooks M +44 7826 942 797Wei Wei Hu M +44 7825 907 230Investor Relations, Australia Tom Gallop M +61 439 353 948Amar Jambaa M +61 472 865 948Rio Tinto plc 6 St James's SquareLondon SW1Y 4ADUnited KingdomT +44 20 7781 2000Registered in EnglandNo. 719885Rio Tinto Limited Level 43, 120 Collins StreetMelbourne 3000AustraliaT +61 3 9283 3333Registered in AustraliaABN 96 004 458 Category: Pilbara
