Rio Tinto, Chalco Top Off $1.35B African Iron Ore Venture

Law360, New York (April 25, 2012, 1:40 PM EDT) -- After two years of red tape, Rio Tinto Group and an Aluminum Corp. of China unit have received all the regulatory approvals to finalize a $1.35 billion joint venture to develop a large iron ore reserve in Guinea, the companies announced Wednesday.

The closing of the deal slices Rio Tinto's 95 percent ownership of the West African-based Simandou project to 53 percent, with Aluminum Corporation of China Ltd., which also goes by Chalco, taking a 47 percent share in the venture, the companies said.

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