Rio Tinto says deal to sell stake in Guinean iron ore project has lapsed Oct 28 2018 [Reuters]
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Source: Reuters
Rio Tinto says deal to sell stake in Guinean iron ore project has lapsed | Reuters 2 Min Read (Reuters) - Global miner Rio Tinto on Monday said a non-binding 2016 agreement for Aluminum Corp of China (Chinalco) to acquire the company’s entire stake in the Simandou iron ore project in the West African nation of Guinea has lapsed. “Rio Tinto and Chinalco ... will continue to work with the government of Guinea to explore other options to realize value from the world-class Simandou iron ore deposit,” the miner said in a statement. Rio and Chinalco own 45.05 percent and 39.95 percent of the project respectively, while the government of Guinea owns 15 percent. Chinalco was not immediately available for comment. Guinea’s mining minister earlier this year had expressed confidence in being able to reach an agreement on the long-stalled Simandou scheme, which has faced several bottlenecks as Chinalco wanted to take over the whole of the project not just the two blocks Rio is selling, sources ha
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