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Rio Tinto sells Simandou Stake, fires 2 executives
Rio Tinto reported on October 28 that it had signed a non-binding agreement to sell its 46.6% stake in the huge Simandou iron ore project in Guinea to Chinalco. A consortium of Chinese state-owned enterprises led by Chinalco already owned 41.3% of the project. The government of Guinea holds a 1.5% interest, and International Finance Corp holds 4.6%. Rio Tinto and Chinalco anticipated signing a binding agreement within six months. The agreement calls for Rio Tinto to receive payments of $1.1 billion to $1.3 billion based on the timing of the development of the project. Approximately two weeks after signing the agreement with Chinalco, on November 16, Rio Tinto announced it had terminated the contracts of its Energy & Minerals CEO Alan Davies and Legal & Regulatory Affairs Group Executive Debra Valentine.
Rio Tinto sells Simandou Stake, fires 2 executives
Rio Tinto reported on October 28 that it had signed a non-binding agreement to sell its 46.6% stake in the huge Simandou iron ore project in Guinea to Chinalco. A consortium of Chinese state-owned enterprises led by Chinalco already owned 41.3% of the project. The government of Guinea holds a 1.5% interest, and International Finance Corp holds 4.6%. Rio Tinto and Chinalco anticipated signing a binding agreement within six months. The agreement calls for Rio Tinto to receive payments of $1.1 billion to $1.3 billion based on the timing of the development of the project. Approximately two weeks after signing the agreement with Chinalco, on November 16, Rio Tinto announced it had terminated the contracts of its Energy & Minerals CEO Alan Davies and Legal & Regulatory Affairs Group Executive Debra Valentine.
Rio Tinto sells Simandou Stake, fires 2 executives
2016
Aufsatz (Zeitschrift)
Englisch
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