Rio Tinto has partnered with Shore Gold to develop the Star-Orion South diamond project in Saskatchewan.
The mine contains 55.4 million carats of rough diamonds with a projected price of $210 per carat, and an inferred 11.5 million carats.
Today, Rio Tinto currently owns Australia’s Argyle mine and 60 per cent of Canada’s Diavik mine. In the new agreement, Rio Tinto may be granted up to 60 per cent of the mine’s proceeds.
“We are extremely pleased to partner with Rio Tinto to further develop the potential of the project,” says Ken MacNeill, CEO of Shore Gold. “Rio Tinto is one of the few companies in the world with the resources and expertise to move forward with a project of this magnitude.”
