Aredor closing extended

London-based Rio Tinto (RTP-N) has agreed to extend the closing date of an agreement allowing it to earn a 53% interest in the Aredor kimberlite project from Trivalence Mining (TMI-V).

The potential partners hope to close the deal in late June, once final approvals from the government of Guinea are in-hand. Once the transaction is completed, Trivalence will own a 32% stake in the kimberlite project, with the government holding the remainder.

Trivalence will continue to own 85% of the alluvial diamond operations at Aredor. Rio Tinto’s efforts will be directed toward the exploration and development of diamond-bearing kimberlite deposits.