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A non-binding agreement for Rio Tinto to sell its stake in Guniea’s Simandou iron ore mine to the Aluminum Corp of China has lapsed after two years of failing to strike a deal.

The deal, originally signed on October 28, 2016, was for Chinalco to acquire Rio’s 40.05 per cent stake, adding to the 39.95 per cent it already possesses.

The government of Guinea owns a 15 per cent stake in the project.

‘Rio Tinto and Chinalco … will continue to work with the government of Guinea to explore other options to realise value from the world-class Simandou iron ore deposit,’ Rio said in a statement.