Rio Tinto deal to sell Guinea iron ore project stake lapses

Rio Tinto on Monday said a non-binding 2016 agreement for Aluminum Corp of China (Chinalco) to acquire the company’s stake in the Simandou iron ore project in Guinea had 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,” Rio said in a statement.

The miner holds 45.05% of the project, with Chinalco (39.95%) and the Guinea government 15%.