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Rio Tinto CFO says good progress being made in Simandou deal
August 2, 2017 / 10:20 AM / 4 months ago

Rio Tinto CFO says good progress being made in Simandou deal

(Reuters) - Miner Rio Tinto is making good progress in the deal to sell its stake in the Simandou project in Guinea, Chief Financial Officer, Christopher Lynch said on Wednesday.

The Rio Tinto mining company's logo is photographed at their annual general meeting in Sydney, Australia, May 4, 2017. REUTERS/Jason Reed

Citing the complexity of the deal due to three parties being involved, he said discussions were still underway.

The miner had signed a preliminary deal to sell its stake in the project to China’s Chinalco in October last year.

If the deal to sell to Chinalco goes ahead, Rio will receive payments of between $1.1-$1.3 billion based on the timing of the project’s development, the company has said.

Reporting by Sanjeeban Sarkar in Bengaluru, editing by Louise Heavens

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