Raiden Resources Limited has the option to acquire 100% ownership of the Stara Planina project in Western Serbia. Initial diamond drilling has confirmed the presence of copper-gold with additional field activities underway to support future drilling. The Company also has two additional highly prospective licenses throughout Serbia that are awaiting final issuance.
The Company has signed an Earn-In and Joint Venture Agreement with Rio Tinto in respect to the other three of its six projects, whereby Rio Tinto can earn a 75% project-level position in the properties via a staged exploration commitment totalling US$31.5 million in three stages at Rio Tinto’s election.
Raiden has a portfolio of several highly prospective projects throughout Serbia. Serbia is host to a number of Tier 1 deposits with mining majors quickly moving into the country due to recent discoveries and M&A activity. A highly skilled, cost competitive workforce, existing quality infrastructure and low cost energy environment add to the corporate appeal of mining in the region.
Serbia has a favourable regulatory environment after being granted EU candidate status in 2012, with an established and proven mining law, no restriction on foreign ownership and an encouraging 15% corporate tax rate and 5% NSR royalty.