Diversified mining group Rio Tinto has received regulatory approvals for the development and operation of the Simandou iron ore project in Guinea.
Following approval in China, Rio has completed the formation of a joint venture with Aluminum Corporation of China Ltd (Chalco), a listed subsidiary of Aluminum Corporation of China (Chinalco).
Subsequently, a consortium led by Chalco has now made an earn-in payment of $1.35bn.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Rio holds a 53% in the joint venture, while a 47% interest is held by the Chalco consortium, which translates to 50.35% and 44.65% interests, respectively, with the remaining 5% being held by the International Finacnia Corporation (part of the World Bank).
"The Government of Guinea retains its options for participation in the project and is expected to take up its first share in the near future," Rio said.
Lloyds, Halifax and Bank of Scotland to shut another 45 branches
Lloyds Banking Group, which includes Halifax and Bank of Scotland, is set to close a further 45 branches in 2024 - find out if a branch near you is closing.
By Vaishali Varu Published
US stock trading app Robinhood launches in the UK
The low-cost trading platform has opened another waiting list for British investors - following two failed attempts to launch in this country - and is hoping to be fully operational next year.
By Ruth Emery Published