Rio Tinto says Simandou deal close after wrangles over railway. mining
Rio Tinto Group said it’s close to a breakthrough in a landmark deal to unlock the world’s biggest untapped iron ore mine.
Simandou is divided into four blocks, with blocks 1 and 2 controlled by the Winning Consortium Simandou, backed by Chinese and Singaporean companies, while Rio Tinto and Aluminum Corp. of China, known as Chinalco, own blocks 3 and 4. Earlier this year, the two consortiums at Simandou struck a deal to jointly build a 650 kilometer railway linking the mine to a planned port. As part of the deal, the government received a 15% stake in the infrastructure, matching its ownership stake in the mines. Yet talks about how the rail line will be paid for have dragged on.
Negotiations have been centered over whether the government should have to pay for its share of the rail and port building costs, according to people familiar with the situation. Rio and the Winning consortium had offered an interest-free loan to cover the government’s costs, while the government pushed for a free carry for its stake, the people said. Rio had been willing to renegotiate the point but the Winning group’s stance was less clear, the people said.
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