Rio Tinto $RIO (-2,28%) plans to ship the first iron ore from the Simandou project in Guinea in November, marking an important milestone for the world's largest high-grade iron ore mine.
The project, which is expected to produce 120 million tons annually, is 75% controlled by Chinese companies, with Rio Tinto holding the remaining 25%.
Separately, Rio Tinto closed a US$399 million deal to sell a 30% stake in its Winu copper-gold project in Australia to Japan's Sumitomo Metal Mining (SMM). The Winu project, which was discovered in 2017, contains an estimated 741 million tons of resources, including copper and gold.
Rio Tinto is now working on a pre-feasibility study for a mill capable of processing 10 million tons per year.
