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IFC To Invest $150 Million In Rio Tinto's Simandou Project -Report

Date : 08/05/2012 @ 02:25
Source : Dow Jones News
Stock : Rio Tinto (RIO)
Quote : 2236.5  -104.5 (-4.46%) @ 15:14

IFC To Invest $150 Million In Rio Tinto's Simandou Project -Report

Rio Tinto (NYSE:RIO)
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International Finance Corp., the development financing arm of the World Bank, plans to invest US$150 million in equity in Rio Tinto PLC's (RIO) Simandou iron ore project in Guinea as the venture aims for production by 2015 at an initial cost of US$13 billion, The Australian newspaper reported Tuesday.

The IFC said the additional investment was to "help cover costs as the project continues to progress in development," the newspaper said.

The Washington-based IFC acquired a 5% stake in the venture in 2006. Rio holds a 50.35% interest and Aluminum Corporation of China Ltd. (ACH) has 44.65%.

Newspaper website: http://www.theaustralian.news.com.au

-By Melbourne bureau; +61 3 9292 2094; djnews.sydney@dowjones.com

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