**The Anglo-Australian mining company Rio Tinto says it has signed a deal with China to develop a massive iron ore project in West Africa.**China’s state metals group Chinalco will pay more than $1.3bn (£0.85bn) for a 47% stake in the Simandou project in Guinea, Rio Tinto said.
According to the company, Simandou is one of the world’s biggest undeveloped iron ore deposits.
The deal covers rail and port infrastructure as well as the mine.
“We have long believed that Rio Tinto and Chinalco could work together on major projects for mutual benefit,” Rio chief executive Tom Albanese said in a statement.