Rio Tinto update on Simandou
(Posted on 01/11/18)
The non-binding heads of agreement, originally signed on 28 October 2016, for 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 world-class Simandou iron ore deposit. The Government of Guinea owns a 15 per cent stake in the project.
In the Pilbara region of Western Australia, Rio Tinto operates the world’s largest integrated portfolio of iron ore assets with industry-leading margins. They are well positioned to benefit from continuing demand across China and the developing world. The business continues to be the world’s largest autonomous truck operator and a proud leader in automated mining technologies.
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