Deals
Rio Gives Away Giant Iron Ore Field Once Worth Fighting For
- ‘It cleans another a dead asset off the portfolio:’ Investec
- Simandou once called the world’s ‘top undeveloped’ deposit
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The giant Simandou iron ore mine in Guinea caused countless headaches for Rio Tinto Group, but it was always worth the fight. Not any more.
Rio turned its back on Simandou, one of the world’s largest untapped iron ore deposits, by signing a non-binding agreement with partner Aluminum Corp. of China to hand over its stake. Rio may receive as much as $1.3 billion should the mine be built.