- Minerals exploration company ActivEX (AIV) has sold two of its tenements in Queensland to iron ore giant Rio Tinto (RIO)
- Rio will pay $50,000 for the tenements, however, if the tenements are successful, ActivEX will receive a 1.25 per cent net smelter royalty
- The land is located in Northern Queensland, approximately 50 kilometres south of Cloncurry
- ActiveEX said the funds will be used for working capital purposes
- On market close, ActivEX remains steady and is selling shares for 13¢ each, While Rio is down 1.61 per cent, trading for $98.86 per share
Minerals exploration company ActivEX (AIV) has sold two of its tenements in Queensland to iron ore giant Rio Tinto (RIO).
The companies have signed a Sale and Purchase Agreement for the purchase. Rio will pay $50,000 for the tenements.
If the tenements are successful and a mining operation is developed, ActivEX will receive a 1.25 per cent net smelter royalty for the first 10 years of production.
The land is located in Northern Queensland, approximately 50 kilometres south of Cloncurry, within the Mount Isa Block. Rio will have full interest in the tenements upon completion of the transaction.
ActiveEX says the funds will be used for working capital purposes.
The company “looks forward to Rio being successful in advancing exploration on the tenements.”
On market close, ActivEX remains steady and is selling shares for 13 cents each, While Rio is down 1.61 per cent, trading for $98.86 per share.