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Chinalco Wants To Be Sole Owner Of World’s Largest Iron Ore Deposit

by juniorminingnews.com posted 1year ago 487 views
By analyst By Cecilia Jamasmie Aluminum Corp. of China, better known as Chinalco, is said to have approached the Guinean government with a proposal to take over the entire Simandou iron ore project, the world’s largest untapped resource of the steelmaking ingredient. The moves comes about seven months after Rio Tinto (ASX, LON:RIO) agreed to sell to the Chinese company its 46.6% stake in the giant project for up to $1.3bn. The deal gave Chinalco almost 80% of the project, with the Guinean government holding the rest. While the requested parts of the project belong to Guinea, they are at...