Rio completes Guinea venture with Chalco

　　A consortium led by China's Chalco, the listed arm of state-owned aluminium giant Chinalco, has finalised its joint venture with global miner Rio Tinto to operate the Simandou iron ore project in Guinea, making a $1.35 billion earn-in payment.

　　Rio said the move followed the completion of all Chinese regulatory approvals.

　　Rio and the Chalco consortium now own 50.35 percent and 44.65 percent in the Simandou project respectively, with the remaining 5 percent held by the International Finance Corporation (IFC), an arm of the World Bank.

　　Rio said in a statement that the government of Guinea retained its option for participation and was "expected to take up its first share in the near future".