Rio Tinto-Chinalco Agreement Over Simandou Lapses

Rio Tinto said that it and Chinalco would continue to work with the government of Guinea to realise the value of the deposit.

Rio Tinto (ASX:RIO,LSE:RIO,NYSE:RIO) has announced that a non-binding heads of agreement signed between it and Chinalco in 2016 over the Simandou iron ore project in Guinea has lapsed.

As quoted in the press release:

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 the remaining 15 percent of the project.

Click here to read the full Rio Tinto (ASX:RIO,LSE:RIO,NYSE:RIO) press release.

Scott Tibballs

Scott has a Master's Degree in journalism from the University of Melbourne and reports on the resources industry for INN.

Scott has experience working in regional and small-town newsrooms in Australia. With a background in history and politics, he's interested in international politics and development and how the resources industry plays a role in the future.