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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Rio Tinto Plc | LSE:0KWZ | London | Ordinary Share | RIO TINTO ADR REPTG ONE ORD SHS |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 59.16 | 1,827 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Miscellaneous Metal Ores,nec | 54.86B | 10.06B | 8.0090 | 6.94 | 69.82B |
TIDMRIO
RNS Number : 5814U
Rio Tinto PLC
02 August 2022
2 August 2022 --------------
Rio Tinto completes sale of Cortez Gold Royalty for $525 million in cash
Rio Tinto has completed the sale of a royalty it holds on an area including the Cortez mine operational area and the Fourmile development project in Nevada (the "Cortez Complex") to RG Royalties LLC, a direct wholly-owned subsidiary of Royal Gold Inc., for $525 million in cash.
The Cortez Royalty is a 1.2% [1] gross production royalty on (i) the Cortez gold mine that is operated by Nevada Gold Mines, a joint venture between Barrick Gold Corporation ("Barrick") and Newmont Corporation; and (ii) the Fourmile project which is 100% owned and operated by Barrick. Rio Tinto obtained the royalty as partial consideration for the sale of its 40% interest in the Cortez Complex to Barrick in 2008. Royalty payments commence once the Cortez Complex has produced a total of 15 million ounces of gold since 2008. This is expected to occur imminently.
Rio Tinto Chief Financial Officer Peter Cunningham said: "This transaction unlocks hidden value from our portfolio and releases cash immediately."
[1] Royalty calculated as 1.2% at current gold prices. The royalty rate is determined based on a scale from 0% at gold prices less than US$400/oz up to 3% at gold prices greater than $900/oz, calculated on 40% of the production from the undivided Cortez Complex land package.
Contacts Please direct all enquiries to media.enquiries@riotinto.com Media Relations, UK Media Relations, Australia Illtud Harri Jonathan Rose M +44 7920 503 600 M +61 447 028 913 Matthew Klar Matt Chambers M + 44 7796 630 637 M +61 433 525 739 David Outhwaite Jesse Riseborough M +44 7787 597 493 M +61 436 653 412 Media Relations, Americas Investor Relations, Australia Simon Letendre Amar Jambaa M +514 796 4973 M +61 472 865 948 Malika Cherry M +1 418 592 7293 Investor Relations, UK Menno Sanderse M: +44 7825 195 178 David Ovington M +44 7920 010 978 Clare Peever M +44 7788 967 877 Rio Tinto plc Rio Tinto Limited 6 St James's Square Level 7, 360 Collins Street London SW1Y 4AD Melbourne 3000 United Kingdom Australia T +61 3 9283 3333 T +44 20 7781 2000 Registered in Australia Registered in England ABN 96 004 458 404 No. 719885
This announcement is authorised for release to the market by Steve Allen, Rio Tinto's Group Company Secretary.
riotinto.com
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(END) Dow Jones Newswires
August 02, 2022 02:15 ET (06:15 GMT)
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