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Rio Tinto says deal to sell stake in Simandou iron ore project has lapsed [Seeking Alpha]

Rio Tinto Plc (RIO) 
US:NYSE Investor Relations: riotinto.com/investors-87.aspx
Company Research Source: Seeking Alpha
Rio Tinto (NYSE: RIO )  pre-market after saying a non-binding agreement has lapsed for Aluminum Corp. of China (NYSE: ACH ) to acquire its entire stake in the Simandou iron ore project in Guinea. The companies had struck a non-binding agreement in 2016, when Rio said it could receive payments of $1.1B-$1.3B for the stake, dependent on the project being developed; instead, Rio and ACH will work with Guinea’s government “to explore other options to realize value” from the asset. Development of Simandou, which holds ~2B metric tons of iron ore, has been slowed by issues including infrastructure requirements; Rio said last year that it had decided the project’s estimated $20B development costs were too high. Rio owns 45.05% of the project, ACH holds a 39.95% stake, and the government of Guinea owns 15%. See all stocks on the move » Now read: Copper Sits Near Lows » Subscribe for full text news in your inbox Show less Read more
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