Following exploration work and evaluating results, Rio Tinto will not go forward with the Mt Hillalong project in the northern Bowen Basin, Australia.
In a statement to Australian Pacific Coal, Rio Tinto commented: “After the completion of exploration work on Hillalong and subsequent review of results, RTX has decided not to exercise the option to acquire the tenement. Accordingly, we will let the agreement lapse.”
Under the terms of the Exploration, Option and Joint Venture Agreement, Rio Tinto are obliged to return all of its interests in EPC’s 1773, 1867 and 1645 to Area Coal Pty Ltd.
Edited from Press Release by Harleigh Hobbs
Read the article online at: https://www.worldcoal.com/exploration-and-development/25062015/rio-tinto-end-mt-hillalong-project-agreement-2474/