Rio Tinto PLC’s (LON:RIO) plans to sell its stake in the huge Simandou iron ore project in Guinea have been put on hold after a non-binding heads of agreement signed two years ago lapsed.
Under the terms of that agreement, Rio’s joint venture partner at Simandou was to have bought out Rio's 45.05% stake. Chinalco currently holds 39.95%, with the government of Guinea holding 15%.
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All parties have agreed to continue to work together to “realise value” from Simandou.