Rio Tinto, Bluejay to jointly explore for nickel in Finland – by Cecilia Jamasmie ( – November 10, 2020)

Explorer and developer Bluejay Mining (LON: JAY) inked on Tuesday a joint venture and earn-in agreement with Rio Tinto (ASX, LON, NYSE: RIO) to advance the Enonkoski nickel project in Finland.

The deal could see Rio progressively earn up to a 75% interest in the project by injecting $20 million into Enonkoski, either by covering expenses or paying cash equivalent amounts, over three stages.

In the first phase, the world’s second-largest miner could secure 51% ownership by spending $5 million by November 2023. Of that total, Rio would have to spend $400,000 by the end of March 2021.

The company could then increase its ownership to 65% by spending a further $5 million by November 2025. In stage three, Rio’s stake in Enonkoski would jump to 75% if it invests another $10 million by November 2029.

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