The joint venture (JV) applies to only a portion of ASX-listed Strandline Resources’ (Strandline) dominant and highly prospective 100% owned tenement portfolio which extends along 350 km of Tanzanian coastline.
The JV allows Strandline to accelerate exploration activities on the project area, with Rio Tinto contributing expertise and funding, whilst enabling the company to concurrently progress its exciting northern projects and to pursue additional strategic exploration and development initiatives.
Strandline’s MD and CEO, Luke Graham welcomes the involvement of Rio Tinto as confirmation of the excellent potential of the company’s suite of southern Tanzanian tenements.
“The company is delighted by the merits of this strategic partnership with Rio Tinto, one of the world’s largest and most respected exploration and mining companies.”
“This transaction delivers a strong source of funding and regional mineral sands expertise to significantly enhance the development potential of the company’s southern ground in Tanzania, with a view to ultimately developing one or more economic mineral sands mines.”
“Execution of this JV follows keen interest from several global mining houses and investors, reinforcing the prospectivity and investment potential of Strandline’s Tanzanian mineral sands assets.
“Along with the company’s current development programmes at Fungoni and Tanga further to the north, this JV positions the company strongly to unlock the value of its entire land holding in Tanzania.
“Rio Tinto has undertaken technical reviews and site inspection of the project area and this agreement contemplates mobilisation of exploration activity led by Strandline as soon as practicable to take advantage of the current field season.”