According to the Australian Financial Review, Rio Tinto Ltd
(ASX:RIO) may need to deal with new partners in its Simandou iron ore project, after joint venture partner Aluminium Corp of China Ltd (Chalco) signed an agreement that allows it to sell up to half its stake in the venture.
Chalco has invested around $1.35 billion for a 47 per cent stake in the Simandou project, which Rio claims is the world’s largest iron ore deposit.
Chalco could bring up to 10 new members into the deal, but they would have to meet certain eligibility criteria.
Media reports speculate that potential partners could include Chinese construction groups hired to oversee the development of the project.
For the year ended 30 June 2010, Rio Tinto reported a net profit of $7.3 billion.
