August 30, 2014 4:14 PM ET

Metals and Mining

Company Overview of Minera Rio Tinto, S.A. De C.V.

Company Overview

Minera Rio Tinto, S.A. De C.V. engages in the exploration and mining of gold and silver. The company was incorporated in 2008 and is based in Chihuahua, Mexico. Minera Rio Tinto, S.A. De C.V. operates as a subsidiary of Rio Tinto plc.

Calle Eugenio Ramírez Calderón No. 1404

Colonia Sal Felipe

Chihuahua, CI 31123

Mexico

Founded in 2008

Key Executives for Minera Rio Tinto, S.A. De C.V.

Minera Rio Tinto, S.A. De C.V. does not have any Key Executives recorded.

Minera Rio Tinto, S.A. De C.V. Key Developments

Sunburst de Mexico, S.A. de C.V., Minera Rio Tinto, S.A. De C.V. and Ejido Receives Notice of Litigation

Pan American Goldfields Ltd. announced that a lawsuit (mercantile ordinary procedure) was filed by Corporativo Minero with the Second Civil District Court of the Morelos District, Chihuahua (the Lawsuit), and notified to the company's Mexican subsidiary, Sunburst Mining De Mexico on March 21, 2014, suing Sunburst, Minera Rio Tinto, S.A. de C.V. and Ejido Piedras Verdes y su anexo Cieneguilla Lluvia de Oro (the Ejido) alleging, amongst other matters, a breach of contract following a supposed change of ownership at Corporativo Minero. The company believes the suit is spurious and without merit. Accordingly, Sunburst has filed a response refuting the claim. Together with MRT, the company is working to resolve the issue quickly and with a view to minimizing costs insofar as is possible.

Pan American Goldfields Ltd Announces Renegotiated Cieneguita Mine Pilot Production and Development Agreement with Minera Rio Tinto, S.A. De C.V

Pan American Goldfields Ltd. has entered into a Second Amended and Restated Development Agreement for mineral exploration, production and development of the Cieneguita Project with its partner Minera Rio Tinto SA (MRT) of Chihuahua, Mexico and Marje Minerals SA. Under the new agreement, the company's share of net cash flow from the Pilot Project operated by MRT increases from 20% to 29% beginning retroactive to March 1, 2012 through December 31, 2012. Beginning January 1, 2013 through December 31, 2013, the company's share of net cash flow from the Pilot Project increases to 35%. At all times, the company retains its 80% ownership interest in the entire Project. Under the new agreement, a project company is being established, and a management committee formed, for the development of the larger mining operation where the company will have an 80% voting interest and MRT a 20% interest. In connection with the revised development agreement, MRT is also subscribing for 2 million common shares of the company at a price of USD 0.12 per share for net proceeds of USD 240,000. MRT's investment increases its stake in the company to 10 million shares or approximately 11% of the company's issued and outstanding common shares. No further financings are planned as the company expects to finance the planned feasibility study for the Cieneguita expansion from cash flow and cash on hand. Both the Company and MRT are discussing the extension of pilot production into 2014, providing it does not interfere with the completion of the feasibility study which is to commence immediately after the completion of the PEA, anticipated later this year. Cash proceeds from the sale of the company's Argentine real estate is to be allocated towards the Cerro Delta project in Argentina.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
February 24, 2014
Pan American Goldfields Ltd
 

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