Rio Tinto cancels sell off of Simandou mine


Global mining giant, Rio Tinto said it has shelved its planned divestment in Simandou iron ore mine located in Guinea.

The company said in a statement that the non-binding heads of agreement, originally signed on 28 October 2016, for Chinalco to acquire Rio Tinto’s entire interest in the Simandou iron ore project in Guinea has lapsed.

Rio Tinto and Chinalco, who respectively own 45.05 per cent and 39.95 per cent of Simandou, 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 Government of Guinea owns a 15 per cent stake in the project.