Australia-listed Kingrose Mining has acquired the Jakon nickel, copper, and cobalt project in Finland from Rio Tinto Exploration, further strengthening its foothold in the country.
The acquisition expands Kingrose’s exploration alliance with BHP, which now covers 1,198 km².
“The Jakon acquisition enhances our position within the Kotalahti nickel-copper belt, providing a pipeline of exploration opportunities, including drilled prospects with growth potential,” said Kingrose MD Fabian Baker.
Jakon consists of two exploration permits and six exploration reservations, totaling 205 km² in central Finland. It is located near the historic Hitura mine and approximately 40 km from Kingrose’s Haapajärvi exploration reservation.
Rio Tinto previously conducted 34 diamond drill holes, totaling 11,524 meters, between 2019 and 2022. The project includes several high-priority nickel, copper, and cobalt targets identified during Kingrose’s 2023 participation in the BHP Xplor program.
The acquisition is funded by BHP, provided the alliance remains active. The terms include:
- €37,500 cash on signing and an additional €37,500 on the one-year anniversary.
- €5 million cash within 90 days of a positive final investment decision (FID) to construct a mine.
- 1% net smelter royalty to Rio Tinto, with Kingrose retaining the option to buy back 0.25% for €5 million before 90 days post-FID.
This acquisition reinforces Kingrose’s growth strategy in critical minerals exploration, further solidifying its position in Finland’s resource sector.
