Rio Tinto can acquire 60 per cent of McEwen’s Elder Creek project in Nevada by investing US$18 million over the next seven years in the property.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc.
Spears added that McEwen is currently focused on developing its Los Azules copper project in Argentina, which he described as the world’s eighth-largest undeveloped copper deposit. Elder Creek is “simply not on the same planet in terms of value and focus,” and Rio’s investment is an opportunity to “get some serious money spent on exploration,” he said, adding the project was “well placed in a gold-copper district known as the Battle Mountain-Eureka Trend.”Article contenta US$3.3-billion deal with Turquoise Hill Resources Ltd. to acquire the shares of the Montreal-based company it doesn’t already own, thereby increasing its stake in the Oyu Tolgoi copper mine.
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