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% and 39.95% 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% stake in the project.
Read the article online at: https://www.globalminingreview.com/finance-business/29102018/simandou-iron-ore-project-update/