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24.12.2010
Australia, Britain and China begin to produce ore in Africa
 	 Australia, Britain and China begin to produce ore in Africa

Mining company Rio Tinto (Australia) and aluminum producer Shinalco (China) create JV to develop iron ore deposits Cimendou (Simandou) in Guinea (West Africa).

Rio Tinto owns 95% of the project Simendou, 5% - International Finance Corporation (the financial arm of the World Bank). According to the memorandum signed between the companies, Rio Tinto to invest in the joint venture its stake in the mine. Chinalco will invest $ 1.35 billion in the development of the project within two to three years. After this, Rio Tinto will hold 50.35% and Chinalco 44,65% in the project Simandou. The government of Guinea has an option to buy up to 20% of the project. Produced by the joint venture to build rail and port infrastructure and will develop the field.

General Director of Rio Tinto Elbeniz Tom (Tom Albanese) File Type: "We believe that Rio Tinto and Shinalco can work on large projects with mutual benefit. The Chinese company - is a good partner for the development of the field Simendou. "This is a step forward to become an international company. It fits our strategy of development and transformation into a diversified mining company. Chinalco investment principle is to seek high-quality mining projects, and it is implemented in participating in Simendou "- said in a statement Chinalco.

In 2008, Rio Tinto reported that the field can produce 170 million tonnes of ore annually. The deposit contains 2.25 billion tonnes of ore. The company has already spent $ 600 million to develop the field. In 2007 the company announced its willingness to invest in the project $ 6 billion in 2009, Rio Tinto produced 217 million tons of iron ore, and the proceeds from the sale totaled $ 12.6 billion

China - the largest consumer of iron ore in the world. Rio Tinto - one of the largest suppliers of raw materials on the market in the country. Projected to contract prices for iron ore this year could grow by 80%.

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