Rio Tinto: 'Solid Progress' At Simandou Iron Ore Joint Venture With Chalco

Date : 02/28/2012 @ 9:32PM
Source : Dow Jones News
Stock : Aluminum Corp. of China Limited American Depositary Shares (ACH)
Quote : 12.65  0.0 (0.00%) @ 4:00AM

Rio Tinto: 'Solid Progress' At Simandou Iron Ore Joint Venture With Chalco

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Rio Tinto's Simandou iron ore joint venture with Aluminum Corp. Of China Ltd. (ACH) in Guinea in west Africa is progressing solidly, Sam Walsh, chief executive of iron ore for Rio Tinto PLC (RIO), said Wednesday.

Walsh told an industry conference that he was pleased that Chalco president Luo Jianchuan had taken part in a recent meeting in Paris with Rio Tinto, Guinea government officials and International Finance Corp. to help move the project along.

Simandou production will likely begin next year, while fully integrated mine operations will be under way by 2015, Walsh said.

Walsh also said Simandou output will likely reach 95 million metric tons a year.

Rio Tinto has more than 120 potential cooperation projects with China and expects to spend $1.5 billion in the country this year, he said.

-By Chuin-Wei Yap, Dow Jones Newswires; 8610 8400 7704; chuin-wei.yap@dowjones.com




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