RIO Rio Tinto Plc

LONDON--Rio Tinto PLC (RIO.LN) said Friday it is selling its entire stake in Guinean Simandou project to Chinalco for a payment of between $1.1 billion and $1.3 billion.

The payment depends on the timing of the project development, the mining company said.

Rio Tinto shares at 1000 GMT were up 25 pence, or 0.9%, at 2,820 pence, valuing the company at GBP38.79 billion

Write to Olga Cotaga at olga.cotaga@wsj.com, Twitter @OlgaCotaga

(END) Dow Jones Newswires

October 28, 2016 06:30 ET (10:30 GMT)

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