Rio sells Mt Davies stake

Metals X takes ownership of nickel and cobalt deposit in South Australia.

Metals X (MLX) has acquired Rio Tinto's (RIO) interests in the Mt Davies joint venture, a South Australian tenement with nickel and cobalt deposits.

In a statement to the Australian Securities Exchange, Metals X chief executive officer Peter Cook said the acquisition consolidated the whole Wingellina Layered intrusive complex into one entity.

"Although the current nickel price is depressed, these projects are extremely long life and of a magnitude that means they will definitely be developed at some time in the future," Mr Cook said.

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