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Rio Tinto signs deal to sell Guinea project stake to Chinalco

Staff Writer |
Rio Tinto has signed a non-binding agreement to sell its entire stake in the Simandou project in Guinea to Chinalco.

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The heads of agreement sets out the proposed principal terms of the sale with the aim of signing a binding agreement within six months.

Rio Tinto will receive payments of $1.1bn-1.3bn based on the timing of the development of the project, with the initial payment commencing at the time of first commercial production, on a per tonne basis.

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