Related News
Rio Tinto, Chinalco sets up joint venture for African iron ore project
March 19, 2010, Friday
|
Online Edition
Online Edition
Rio Tinto, the giant mining company, today struck a deal with Aluminum Corporation of China (Chinalco) to develop the Simandou iron ore reserve in Guinea in West Africa.
The joint venture agreement covers rail and port infrastructure as well as the mine itself, Rio Tinto said in a statement.
Rio Tinto owns 95 percent of the Simandou project, with another 5 percent owned by the World Bank.
According to the agreement, Chinalco will acquire a 47-percent stake in the project by providing 1.35 billion Australian dollars (US$1.25 billion) in an earn-in basis through sole funding of ongoing development during the next two to three years.
"We have long believed that Rio Tinto and Chinalco could work together on major projects for mutual benefit," Rio Tinto's Chairman Tom Albanese said in a statement.
Albanese described Chinalco as an "excellent partner" at Simandou.
Simandou is a huge iron ore project in south eastern Guinea.
"We believe the Simandou project is a large scale, long life asset and is the single best undeveloped source of high grade iron ore," Albanese said.
"Rio Tinto and Chinalco will now work on finalizing definitive and binding transaction documentation," the statement said.
The joint venture agreement covers rail and port infrastructure as well as the mine itself, Rio Tinto said in a statement.
Rio Tinto owns 95 percent of the Simandou project, with another 5 percent owned by the World Bank.
According to the agreement, Chinalco will acquire a 47-percent stake in the project by providing 1.35 billion Australian dollars (US$1.25 billion) in an earn-in basis through sole funding of ongoing development during the next two to three years.
"We have long believed that Rio Tinto and Chinalco could work together on major projects for mutual benefit," Rio Tinto's Chairman Tom Albanese said in a statement.
Albanese described Chinalco as an "excellent partner" at Simandou.
Simandou is a huge iron ore project in south eastern Guinea.
"We believe the Simandou project is a large scale, long life asset and is the single best undeveloped source of high grade iron ore," Albanese said.
"Rio Tinto and Chinalco will now work on finalizing definitive and binding transaction documentation," the statement said.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
