Rio Tinto deal to sell Guinea iron ore project stake lapses
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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.
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“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%.