It plans to speed up the construction of the Longnan Zijin project in China and look into acquisitions to offset the loss of Porgera.

This transaction will create a new globally diversified precious metals producer.

The miner wanted to recover the $35 million it had invested in the Corcoesto gold project prior to it being refused license to operate.

Gold is still on pace for an over 2% weekly gain.

Rio will spend A$9.2 million ($5.9m) on exploration at the project, a joint venture with junior Antipa Minerals.