Intercept Minerals (ASX:IZM) continues to progress a farm-in by Rio Tinto (ASX:RIO) into its Tiwi Islands bauxite project off the Northern Territory.
Under the agreement, Rio will spend $5 million over 4 years to earn a 75% operating interest in the project.
This is subject to a number of pre-conditions including, the negotiation of an access agreement with the Tiwi Land Council and the formal grant of the exploration licence.
Rio’s negotiations with the Tiwi Land Council are continuing.
Separately, the company is continuing to seek out joint venture partners to progress its Adnera Uranium and Millionaires Well Tungsten Projects in the Northern Territory.
Outright sale of these projects will be considered.
Intercept is also investigating new acquisitions and investments in a range of sectors including mineral exploration, medical technology and information technology.
While a number of opportunities have been reviewed and discussions held, no decision has been made at this stage to acquire, farm-in or joint venture on any of these project opportunities.
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