Bluejay Agrees to Develop Finnish Nickel Project With Rio Tinto, Shares Up
November 10 2020 - 7:25AM
Dow Jones News
By Jaime Llinares Taboada
Shares in Bluejay Mining PLC rose Tuesday after the company said
it has entered into an earn-in agreement with Rio Tinto PLC for its
Enonkoski nickel project in Finland.
Under the agreement, Rio Tinto may acquire up to a 75% interest
in Enonkoski by funding $20.0 million of project expenditure,
Bluejay said. The agreement is divided into three stages. In stage
one, Rio Tinto can take a 51% stake by spending $5.0 million by
November 2023.
Shares in Bluejay at 1143 GMT were up 1 pence, or 10%, at 11
pence.
"This belt has demonstrable nickel occurrences and past
production, and it's a testament to the project that we have
attracted a blue-chip miner at Enonkoski," Chief Executive Rod
McIllree said.
Bluejay also said it would pay 100,000 pounds ($131,640) in cash
and GBP100,000 in shares to Magnus Minerals Ltd. to settle
historical royalties arrangements related to Enonkoski.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
November 10, 2020 07:10 ET (12:10 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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