Chinalco and Rio Tinto to Develop Simandou Iron Ore Project

Yesterday, Chinalco reached an agreement with Rio Tinto to found a joint company to explore and operate the Simandou iron ore project located in Guinea; Chinalco will invest 1.35 billion US Dollars in this project in the coming two to three years and will gain 47 percent of the joint company. As this new project will provide 70 million tons of high-quality iron ore for Chinese steel producers per year once it begins operations, it is believed that this deal will play a role in shaping the international iron ore market in the future.

Source
China Securities Journal

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