(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.
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