Rio Seeking Chinese Partner for West African Ore Mine, FT Says

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

17 May 2008

Rio Tinto Group is seeking partnerships with Chinese steel and construction companies to help develop the $6 billion Simandou iron ore mine in West Africa, the Financial Times said, citing a Rio executive. The first stage of project in Guinea could produce 70 million metric tons of ore a year by 2018, the newspaper said, citing Sam Walsh, Rio's head of iron ore. It could eventually supply steelmakers in Europe and Asia with as much as 170 million tons a year and be the company's largest deal with China, its biggest customer, the paper said.
``At this stage, no discussions have been held on the Chinese joint venture,'' Rio spokeswoman Amanda Buckley said by phone from Melbourne. ``Discussions with the Guinea government will be held before any joint venture decisions were made.''

Source: Bloomberg