Rio to develop west African iron ore reserve with Chinalco
Fri, March 19 2010 14:49 | 344 Views
The joint venture agreement covers rail and port infrastructure as well as the mine itself, Rio Tinto said in a statement on Friday. Rio Tinto owns 95 per cent of the Simandou project, with another five per owned by the World Bank.
Under the terms of the deal Chinalco will acquire a 47 per cent interest in the joint venture by providing A$1.35 billion (US$1.24 billion) in an earn-in basis through sole funding of ongoing development during the next two to three years.
Source:
Business in Asia Today - March.19, 2010
published by Asia Pulse
Editor: Ricka
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