Cononish underground gold-silver mine is expected to produce 23,500 ounces of the precious yellow metal annually for up to 17 years.
Scotland Mining News
Scotgold Resources has submitted the last application to secure planning permits for its Cononish project, near Tyndrum.
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Scotgold Resources plans to build an underground operation with an initial production capacity of 12,000 ounces of gold annually for up to 17 years.
With this deal, Rio has now agreed to more than $1.3bn in divestments this year.
Scotgold believes gold and silver from its Cononish project near Loch Lomond in Trossachs National Park would attract a "significant premium".
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More than 100 objects, including solid gold jewellery, arm bands and silver ingots are part of the trove, one of the largest discoveries of Viking treasure in Scotland.
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The mine is expected to produce 10 million tonnes of coal over 10 years.
Preferred bidder also bought mines from second largest open pit coal miner in Scotland in December.
Move follows liquidation of Britain's number one coal supplier last week.
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Scotgold Resources announced Tuesday it expects to receive a mining lease from the Crown for the Cononish gold and silver project, the only one of its kind in the UK, in May this year. Production could start early in 2013.