Rio in talks with Chinalco

Rio Tinto and Chinese aluminium producer Chinalco have dusted off earlier plans to develop an iron ore deposit in Guinea that would cost $12bn (£7.9bn) in the first of several moves aimed at repairing the Anglo-Australian miner’s strained relationship with Beijing. Both parties are in late stage talks to develop Simandou, one of the world’s highest-quality undeveloped iron ore concessions, according to a person close to the situation.