Reuters reported that a consortium led by China's Chalco, the listed arm of state owned aluminium giant Chinalco, has finalized its JV with global miner Rio Tinto to operate the Simandou iron ore project in Guinea making USD 1.35 billion earn in payment.

Rio said that the move followed the completion of all Chinese regulatory approvals. Rio and the Chalco consortium now own 50.35% and 44.65% in the Simandou project respectively with the remaining 5% held by the International Finance Corporation an arm of the World Bank.

Rio said that the government of Guinea retained its option for participation and was "expected to take up its first share in the near future.

Source - Reuters

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