Star Diamond Says Rio Tinto Options Exercise not Compliant with JV Terms
February 19, 20
Star Diamond Says Rio Tinto Options Exercise not Compliant with JV Terms
(IDEX Online) - Star Diamond Corporation has told Rio Tinto Exploration Canada Inc. (RTEC) that its "purported exercise" of its four options under the Option to Joint Venture Agreement did not comply with the terms of the agreement.
In November 2019, Rio Tinto announced its intention to take a majority ownership in the Star-Orion South diamond exploration site.
Following the review, Star Diamond has also notified RTEC that its operations and claimed expenditures in relation to the Star-Orion South Diamond Project located in central Saskatchewan did not comply with the agreement.
The two entities entered into a JV agreement in 2017 that would give RTEC a 60-percent interest in the Star-Orion South project.