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

|About: Rio Tinto plc (RIO)|By:, SA News Editor

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%.