25 May 2012

Rio deal cheers Karelian  

22/07/2010 Robert Tyerman

Mining giant Rio Tinto has agreed to share data and samples from exploration in Finland with Professor Richard Conroy's Karelian Diamonds.

Under a confidentiality agreement, Rio will have the option, provided certain conditions are met, to earn a 51 per cent stake in any project in Finland which AIM-quoted Karelian identifies from this data and wishes to develop by funding the development expenses.

The first condition, which applies where the project is for diamonds, is that Dublin-based Karelian should have completed 10 tons or more of bulk sampling for gem exploration. The second condition, which applies for all other minerals, is that Karelian should have discovered a resource with an in situ value equal to or greater than the in situ value of three million oz of gold, as measured by the industry's 'JORC' standard.

Conroy and his Ireland-focused gold play Conroy Diamonds and Gold together have a controlling stake in Karelian, which has already delineated the largest diamond-bearing kimberlite pipe in Finland. This new data sharing deal may leave most of the cards in Rio's hands, but it has already sent Karelian's shares up 200 per cent to 3.12p, against a 2005 float price of 5p.

Tags: AIM, Commodities, Deals & contracts

Sector: Mining

Companies: Karelian Diamonds Resources

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