jv with rio for hillalong, page-15

the media exposure of just a mou will be massive, just have a quick google of "hillalong rio" etc not to mention all the coal specialist reports etc .

it was mentioned in the video report on fin news network.

http://www.finnewsnetwork.com.au/archives/finance_news_network18102.html


http://www.theaustralian.com.au/business/markets/rio-tinto-close-to-bowen-deal-with-junior/story-e6frg916-1226085907406

MINING giant Rio Tinto is looking to increase its coal interests in Queensland's Bowen Basin through a potential deal with junior Australian Pacific Coal.
The minnow announced yesterday that it had signed a non-binding letter of intent with Rio, which sets out proposed non-binding terms about the potential acquisition or joint venture of Australian Pacific Coal's Mt Hillalong project.

Shares in the junior soared on the news, closing 25 per cent higher yesterday at 5c.

APC managing director Paul Byrne said the funds the company would receive through the proposal, which was not disclosed, would be used to explore the junior's other tenements.

The two companies started talks about a year ago because of Rio's dominance in the region, which is a major coalmining hub, with six large operations within 50km of APC's exploration projects.

Start of sidebar. Skip to end of sidebar.
Related Coverage.Rio, Chinalco in exploration deal Adelaide Now, 2 Jun 2011
Rio Tinto signs off Chinalco deal Herald Sun, 1 Jun 2011
Riversdale too costly: Anglo The Australian, 22 Apr 2011
Bandanna calls for bids by May 4 The Australian, 20 Apr 2011
Rio Tinto wraps up Riversdale Mining Courier Mail, 9 Apr 2011
..End of sidebar. Return to start of sidebar.
"Even though it is a non-binding term sheet at this point, Rio Tinto have a certain period of time where they have exclusivity . . . it is an excellent opportunity for us to grow as a company and unlocks funding for our other projects," Mr Byrne said.

"Rio will help us with this bigger project, which is deep and is quality coal."

"Rio rule that space in the Hillalong area and have some of their biggest mines up there.

"We were at the right place at the right time."

Rio Tinto is also ramping up iron ore production in Western Australia's Pilbara region to capture the demand from China and rising prices of the steelmaking material.

The global major recently acquired Riversdale mining, which has a massive coal project in Mozambique, in a $3.9 billion deal.

Mr Byrne said that other parties had also been keen on APC's asset