Friday, May 16, 2008

Rio Tinto may join hands with Chinese partners on ore project

Rio Tinto Ltd, the world's third largest mining company, is said to look for a Chinese steel maker to jointly develop its Simandou iron ore project in Guinea, sources reported on Thursday.

"One option would be to bring a Chinese partner into the project. Our preference would be to have a steel company that is allied to a construction company, " Rio Tinto Iron Ore Chief Executive Sam Walsh was quoted as saying.

Walsh disclosed that Rio Tinto has spent US$300 million on the project so far, within the total budget of US$6 billion. And the company will decide on whether to proceed with the mine next year, according to sources.

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