Kingsrose Mining (ASX:KRM) acquired the Jakon nickel-copper-cobalt project in Finland from Rio Tinto Exploration Finland, a unit of Rio Tinto (ASX:RIO), according to a Friday Australian bourse filing.

The acquisition will form part of Kingsrose's Exploration Alliance with BHP Group (ASX:BHP).

The acquisition terms include an initial payment of 37,500 euros on the signing of the purchase agreement and a deferred payment of another 37,500 euros one year after the signing. It also includes a contingent consideration of 5 million euros in cash within 90 days following the final investment decision.

Kingsrose will also grant Rio Tinto Finland a 1% net smelter return royalty.

Its shares fell over 2% in recent trading on Friday.