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Article: Rio Tinto Terminates Sierra Mojada Joint Venture.
- Article from:
- Business Wire
- Article date:
- October 10, 2000
CopyrightCOPYRIGHT 2000 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Business Editors
COEUR D'ALENE, Idaho--(BUSINESS WIRE)--Oct. 10, 2000
Following Rio Tinto's take over of North Limited on August 11, 2000 Rio Tinto replaced the board and officers of Metalline's (OTCBB:MMGG) Joint Venture Partner North Limited.
October 5, 2000 Rio Tinto exercised their option to withdraw from the Sierra Mojada Project. Rio Tinto has stated that their objective for acquiring North Limited was North's iron ore holdings in Australia and Canada. Rio derives approximately 1/3 of its revenue from iron ore, 1/3 from copper porphyry deposits and 1/3 from coal. Rio Tinto recognizes that Sierra Mojada is a valuable mineral resource, but ...