Rio confirms Simandou sale off

Rio Tinto (LSE:RIO) will keep hold of the troubled Simandou iron ore project, after a planned sale to 39.95% owner Chinalco fell through.

A long and winding road: Rio Tinto will hold onto to Simandou, despite having no plans to build it

Rio and Chinalco signed the non-binding heads of agreement on October 28, 2016, with initial plans to advance to a formal sale within six months.

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