Rio Tinto sells entire Simandou stake to Chinalco

Rio Tinto sells entire Simandou stake to Chinalco

Rio Tinto has agreed to sell its entire stake in the Simandou project in Guinea to Chinalco.

Rio will receive payments of US1.1-1.3 billion for its interest in the iron ore mega project, based on the timing of the development of the project.

The initial payment for shares will commence at the time of first commercial production on a per tonne basis.

More to follow.

@RGNonline