https://www.miningweekly.com

Rio Tinto says $1.3bn Simandou sale lapses

29th October 2018

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – Diversified miner Rio Tinto on Monday reported that the 2016 non-binding heads of agreement with Chinalco over the sale of its interest in the Simandou iron-ore project, in Guinea, had lapsed.

Under the initial agreement, Rio would have received between $1.1-bilion and $1.3-billion for its 45.05% stake in the project, based on the timing of the project’s development.

Chinalco currently has a 39.95% interest in Simandou with the government of Guinea holding the remaining 15% interest.

Rio said on Monday that the two companies would continue to work with the government of Guinea to explore other options to realise value from the Simandou deposit.

Rio in March this year updated the mineral resource estimate at Simandou, which now stood at 2.75-billion tonnes.

Edited by Mariaan Webb
Creamer Media Contract Publishing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Schauenburg SmartMine IoT
Schauenburg SmartMine IoT

SmartMine IoT has been developed with the mining industry in mind, to provides our customers with powerful business intelligence and data modelling...

VISIT SHOWROOM 
Alco-Safe
Alco-Safe

Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.044 0.964s - 111pq - 2rq
Subscribe Now