Under the terms of the agreement, Grange will make cash payment of $840,000 to Rio Tinto and transfer a 19.9 percent equity stake in Grange Resources Ltd as well as some amount of Grange options.
Commenting on the agreement, Grange MD Geoff Wedlock said, "Grange has been interested in acquiring Rio Tinto's tenements for some time, and we are delighted to have reached an agreement at a stage which allows Grange to factor the expanded resource into its development plans for the project".