Seeking Alpha

Rio Tinto, Chinalco sign $20B Guinea iron ore deal

  • Rio Tinto (RIO -0.6%), Chinalco Mining (ACH -1.1%) and International Finance Corp. finalize a $20B deal to develop Guinea's Simandou project, which has been delayed for years but would be Africa's biggest iron ore and infrastructure project.
  • As well as mining the iron ore, the three partners say they are working together to raise the funds to build a 650 km railway and a deepwater port to transport the rocks and minerals.
  • RIO will take a 46.6% stake in the project, ACH 41.3%, Guinea 7.5% and IFC 4.6%.
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