Rio Tinto, Chinalco Ink $1.35B Africa Iron Ore Deal

Law360, New York (March 19, 2010, 2:47 PM EDT) -- British-Australian mining company Rio Tinto Ltd. on Friday agreed to a $1.35 billion deal with Aluminum Corp. of China Ltd. to develop a large iron ore reserve in the West African country of Guinea.

Under the deal, Chinalco will acquire a 47 percent interest in the venture to fund ongoing development work at the Simandou iron ore reserve over the next two to three years.

When that period is over, Rio Tinto will acquire a 50.35 percent interest in the project, and Chinalco will get a...
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