LONDON--Karelian Diamond Resources PLC (KDR.LN), the diamond
exploration company focused on the Karelian Craton in Finland, said
Thursday that it has signed an amendment letter to extend the
existing Confidentiality Agreement, with Rio Tinto Mining and
Exploration Ltd until June 30, 2020.
Under the Confidentiality Agreement, Rio Tinto may disclose to
Karelian confidential information and physical geological samples
relating to exploration in Finland for the purpose of Karelian
considering that information in relation to Karelian's potential
and existing exploration programs in Finland.
In consideration of Rio Tinto disclosing the confidential
information to it, Karelian has agreed that Rio Tinto will have the
option (exercisable at its discretion) to earn a 51% interest in
any project identified by Karelian in Finland by Rio Tinto paying
the direct cash expenditures incurred in developing the project
subject to conditions.
Karelian Diamond shares at 0803 GMT traded flat at 2 pence,
valuing the company at GBP5 million.
-Write to Razak Musah Baba at razak.baba@wsj.com; Twitter:
@Raztweet
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