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Rio Tinto, Chinalco agrees non-binding deal for stake in Simandou

Reuters - UK Focus

LONDON, Oct (HKSE: 3366-OL.HK - news) 28 (Reuters) - Rio Tinto (LSE: RIO.L - news) on Friday announced a non-binding agreement to sell its stake in the Simandou iron ore project in Guinea to Chinalco with a view to a final deal in less than six months.

Rio Tinto will receive payments of $1.1 billion to $1.3 billion based on the timing of the development of the project, it said in a statement. (Reporting by Barbara Lewis and Rahul B; editing by Martinne Geller)