Rio Tinto Canada has made a significant investment in Western Copper and Gold, purchasing nearly 3.5 million shares for $6 million. This investment will support Western’s casino project in Yukon, with Western retaining sole ownership and operation.
As a result of the purchase, Rio Tinto will own approximately 9.7% of Western’s common shares. The funds from the investment will be used to conduct studies on infrastructure development and streamline the regulatory process for the project’s development phase.
In addition to the investment, Rio Tinto and Western will enter into an amended agreement. This agreement grants Rio Tinto certain benefits, such as appointing a member to the Casino Project Technical and Sustainability Committee, as well as a non-voting observer for Western’s board of directors’ meetings. However, Rio Tinto is currently restricted from selling or acquiring shares in Western, except under specific circumstances.
Western Copper and Gold’s President and CEO, Paul West-Sells, expressed satisfaction with Rio Tinto’s continued investment and collaboration on the Casino Project. The investment is expected to close on or around December 12, 2023, pending regulatory approval.
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