HELSINKI: Kingsrose Mining Limited (ASX: KRM) announced today that it has acquired the Jakon nickel-copper-cobalt project in Central Finland from Rio Tinto Exploration Finland Oy. The acquisition is part of Kingsrose’s strategic expansion under its Exploration Alliance with BHP in the region.
The Jakon project spans 205 square kilometers, bringing Kingsrose’s total controlled area in Central Finland to 1,198 square kilometers. This region is known for its rich deposits in the Kotalahati Nickel-Copper-Cobalt Belt.
Drilling conducted by Rio Tinto between 2019 and 2022 revealed significant nickel-copper sulphide intercepts, including a notable 0.5 meters at 3.7% nickel from 361 meters depth. These findings underscore the potential for further exploration.
The acquisition, funded by BHP, includes an initial payment of €37,500, followed by an additional €37,500 after one year. An additional €5 million will be due within 90 days of a positive final investment decision to construct a mine. Rio Tinto will also receive a 1% net smelter royalty, with an option for Kingsrose to buy back 0.25% of the royalty for €5 million.
Fabian Baker, Managing Director of Kingsrose, expressed optimism about the acquisition. “The Jakon project enhances our presence within the Kotalahati Nickel-Copper Belt and provides a pipeline of exploration opportunities,” he said. “Our local teams have been diligent in conducting due diligence and closing this acquisition, and we plan to leverage Rio Tinto’s extensive datasets for further exploration.”
This acquisition aligns with Kingsrose’s strategy to strengthen its project portfolio globally.