BREAKING NEWS

BREAKING NEWS

Rio Tinto says deal to sell stake in Simandou mine has lapsed

Now Reading :

Rio Tinto says deal to sell stake in Simandou mine has lapsed

Rio Tinto says deal to sell stake in Simandou mine has lapsed
@ Copyright :
Jason Reed(Reuters)
Text size Aa Aa

(Reuters) - Global miner Rio Tinto <RIO.AX> said on Monday a non-binding 2016 agreement for Aluminum Corp of China (Chinalco) <601600.SS> to acquire the company's entire stake in the Simandou iron ore project in Guinea has lapsed.

"Rio Tinto and Chinalco ... will continue to work with the Government of Guinea to explore other options to realise value from the world-class Simandou iron ore deposit," the miner said in a statement.

Rio and Chinalco own 45.05 percent and 39.95 percent of the project respectively, while the government of Guinea owns 15 percent.

(Reporting By Rushil Dutta in Bengaluru; editing by Richard Pullin)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.