RIO - Rio Tinto begins Frisco drilling; Rusal files lawsuit over alumina refinery

Rio Tinto (NYSE:RIO) subsidiary Kennecott Exploration said Monday it started drilling on the Copper Gulch prospect of Alderan Resources' (OTCPK:ALDRF) Frisco project in Utah. The company says Copper Gulch is a porphyry copper target southwest of the copper-rich tourmaline beccias at the historical Cactus copper mine. Frisco is the subject of an option agreement between Kennecott and Alderan's Volantis Resources sibsidiary; Kennecott can earn up to 70% in Frisco by spending at least $30M in three stages over 10 years. Separately, Russian aluminum producer Rusal (OTC:UNRIF) has filed a lawsuit against Rio Tinto (RIO), seeking to win back access to its 20% share of the alumina produced at a jointly owned refiner in Queensland, Reuters reported on Monday, Rio (RIO) stepped in to take sole control of Queensland Alumina in April, cutting Rusal's access to the refinery's alumina production; Rio owns 80% of the refinery, while Rusal owns the remaining 20%.

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Rio Tinto begins Frisco drilling; Rusal files lawsuit over alumina refinery