Rio to manage tin project for Kemptville bank group

The East Kemptville tin project will continue to be managed by Rio Algom on behalf of the East Kemptville Tin Corp., which is owned by the banking group that provided financing for the project.

The East Kemptville Tin Corp. has advised Rio that it intends to continue the tin mining operations near Yarmouth, N.S.

Further details of the arrangement as to the length of time involved and whether Rio will be receiving some sort of royalty are not known. Pat Lindh, corporate communications officer for the Bank of America, a member of the banking group, would only say the details in the release are “as far as we will go.”

The transfer of the control and ownership of the East Kemptville tin project follows the mid-November delivery of a notice from Rio to the banking group which had the effect of limiting Rio’s financial obligations for the project.