“Charger Metals Ready to Recharge Rio Tinto Funding

Rio Tinto Funding to Be Drawn Down by Charger Metals Global mining and metals giant Rio Tinto is set to provide critical funding support to one of its small-cap partners, Chargers Metals. Recently, Chargers Metals revealed that the company had secured a binding term sheet amounting to $15 million from Rio Tinto as working capital and to construct its Thunderbird mineral project in Australia. This innovative partnership between Chargers Metals and Rio Tintu outlines the relevance of encouraging small-cap companies to remain competitive and have access to resources required to advance exploration at remote mine sites. Under the agreement, Rio Tinto is providing Charger Metals with an aggregate quarterly drawdown amount which is further secured by a two-year rolling security manufactured by Rio Tinto Iron Ore Mineral Resources (RTIOMR). Chargers Metals is a diversified exploration and development firm operating in the gold, nickel, and base metals industry in Australia. For the Thunderbird project, Chargers Metals has completed a highly advanced Feasibility Study on the project and remained on-point with timeline and budgets. The Thunderbird mineral project is located in Australia and the funding from Rio Tinto will help Chargers Metals to move to the next stage of development by reducing their financial commitments and providing working capital for their projects. The inaugural drawdown from Rio Tinto will go towards low strip-ratio ore stripping, processing plant modification, and fine-tuning of mining plan. The Thunderbird project is expected to generate approximately 8 million tonnes of ore per annum, which is a significant achievement for Chargers Metals. Rio Tinto is also considering options to extend its partnership with Chargers Metals in the near future by investing further in the Thunderbird mineral project. Chargers Metals is expected to use the extra funding from Rio Tinto to expand its operating capabilities and improve its efficiency. Overall, the agreement between Rio Tinto and Chargers Metals highlights the importance of creating quality partnerships between small-cap companies and larger mining firms in order to ensure the constant growth of the industry. The success of the Thunderbird mineral project is surely dependent on the backing of Rio Tinto.