Plus   Neg

Rio Tinto's Simandou Mine Agreement Lapses

Australian mining giant Rio Tinto Plc (RTNTF,RIO,RIO.L, RTPPF) said that non-binding 2016 agreement for Aluminum Corp of China or chinalco to acquire Rio Tinto's entire interest in the Simandou iron ore project in Guinea has lapsed.

Rio Tinto and Chinalco, who respectively own 45.05 per cent and 39.95 per cent of Simandou, will continue to work with the Government of Guinea to explore other options to realise value from the Simandou iron ore deposit, Rio Tinto said. The Government of Guinea owns a 15 per cent stake in the project.

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT