· Rio and its partner, known as Chinalco, will work with Guinea's government "to explore other options to realize value" from the asset, Rio said Monday in a statement. Development of Simandou, which holds an estimated 2 billion metric tons of iron ore, has been hampered by issues including infrastructure requirements.
1 day ago · In July 2008, under the presidency of the late Lansana Conté (1984–2008), the Guinean government controversially decided to strip Rio Tinto of half of its mining rights to the Simandou project (blocks 1 and 2), alleging that the company failed to comply with the applicable 1995 mining code ( ICSID, 2014, p. 13).
· One such company with a big Chinese connection is Londonbased Rio Tinto. It has stateowned Chinalco as its largest shareholder with a 14 per cent stake in Rio Tinto's UK listed shares which were worth billion based on Friday's closing price in Australia of
· Australian watchdog gives nod to ChinalcoRio deal Australia's competition watchdog said on Wednesday that it will not stand in the way of China's Chinalco investing billion US dollars in AngloAustralian mining giant Rio Tinto. 25 Mar, 2009, AM IST China hunts for resources as valuations decline
· Rio Tinto was urgently seeking a deal to deliver a big cut in its 60 millionayear power lines or transmission charges. While campaigning in Southland ahead of the 2020 election Prime Minister Jacinda Ardern said: "We have said we do not believe we should be giving a direct government subsidy to Rio Tinto, so that's not what we will be ...
· The answer, of course, is that iron ore prices went up. And they didn't just go up a bit, then went into the stratosphere. For example, in 2002, the price of a tonne of iron ore was around 10, but by 2008 it had increased to a previously unthinkable 195. That's a 20fold increase and it was almost entirely responsible for Rio Tinto's 27fold increase in iron ore .
· To recap, Chinalco, part of China's emerging big resource companies sector, is ready and able to take an effective 18% of the debtburdened Rio group for around 30 billion dollars. The final decision on whether the deal goes ahead rests with the treasurer, Wayne Swan. Paul Monk is a longtime China watcher and commentator.