Chinalco and Rio Tinto partner up on Simandou project

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    Aluminium Corporation of China (Chinalco) has formed a joint venture with Australian mining giant Rio Tinto by entering into a memorandum of understanding…

    Aluminium Corporation of China (Chinalco) has formed a joint venture with Australian mining giant Rio Tinto by entering into a memorandum of understanding (MOU). They will jointly develop and operate the Simandou iron ore project in Guinea.

    Rio Tinto holds a 95% stake in the Simandou project and the International Finance Corporation holds the remainder 5%. Under the MOU, Chinalco will pay US$1.35 billion on an earn-in basis to acquire a 47% joint stake in the joint venture entity.

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