The Simandou Iron Ore Joint Venture, which was planned for a long time, officially announced the completion of the formation yesterday. The company was once again cooperating with the two companies after the failure of Chinalco to invest in Rio Tinto a few years ago. The reporter learned from Rio Tinto that it and the China Aluminum Corporation completed the formation of the joint venture company after passing various approvals from the Chinese regulatory authorities. The joint venture will jointly develop and operate the Simandou iron ore project in Guinea. According to an agreement reached between Rio Tinto and Chinalco in March 2010, the Chinese consortium led by Chinalco has paid Rio Tinto $1.35 billion in installments. Rio Tinto and Chinalco's shareholdings in the joint venture are 53% and 47%, respectively, and the corresponding shares of the Simandou project are 50.35% and 44.65%, respectively. The World Bank Group's International Finance Corporation owns the Simandou project. The remaining 5% of the shares. The Guinean government has the option to purchase a stake in the Simandou project. According to the data, the Simandou iron ore mine is known as the world's most potential unexplored mine, but the Guinean government has been considering canceling the mining rights of Rio Tinto's mines No. 3 and No. 4 in the south of Simandou, but Rio Tinto has not only Give up the expansion in this area, but instead pull up Chinalco as an ally. According to Rio Tinto's plan, it is hoped that the Simandou project will be put into operation before the end of 2014, and iron ore shipments will begin before mid-2015. It is noteworthy that after the first phase of the Simandou project is completed, the iron ore production capacity is expected to reach 70 million tons per year, and priority will be given to the Chinese market.
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