Rio Tinto Group (LSE:RIO) entered into a binding agreement to acquire Platina Scandium Project from Platina Resources Limited (ASX:PGM) for $14 million on April 27, 2023. On closing, Platina will receive $8 million cash less a $1 million warranty retention payment which is re-payable by Rio Tinto after 30 months. Platina may also receive future cash payments totaling $6 million subject to Rio Tinto achieving project milestones including granting of a Mining Lease.

The transaction is subject to final regulatory approval including New South Wales Ministerial Consent for the transfer of Exploration Licence 7644. The transaction is expected to be completed in the first half of 2023. Igor Bogdanich and Naomi Bergman of Allens acted as legal advisor to Rio Tinto Group.