Rio Tinto and Chinalco's
listed subsidiary, Chalco, have completed the formation of their joint venture
(JV) to develop and operate the Simandou iron ore project in Guinea, following
the completion of all Chinese regulatory approvals. As a result, a consortium
led by Chalco has made an earn-in payment of US$1.35 billion, in line with an
agreement reached with Rio Tinto in March 2010.
Rio Tinto and the
Chalco consortium now hold a 53 per cent and 47 per cent interest respectively
in the JV which translates into a 50.35 per cent and 44.65 per cent interest in
the Simandou project. The remaining five per cent is held by the International
Finance Corporation, part of the World Bank. The Government of Guinea retains
its options for participation in the project and is expected to take up its
first share in the near future.
About Rio Tinto
Rio Tinto is a leading international mining group headquartered in the UK,
combining Rio Tinto plc, a London and New York Stock Exchange listed company,
and Rio Tinto Limited, which is listed on the Australian Securities Exchange.
Rio Tinto's business is finding, mining, and processing mineral resources.
Major products are aluminium, copper, diamonds, thermal and metallurgical coal,
uranium, gold, industrial minerals (borax, titanium dioxide and salt) and iron
ore. Activities span the world and are strongly represented in Australia and
North America with significant businesses in Asia, Europe, Africa and South
America.
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