China’s Chalco, the listed arm of state-owned aluminium giant Chinalco, has led a consortium to finalise a joint venture with global miner Rio Tinto to operate the Simandou iron ore project in Guinea, making a $1.35 billion earn-in payment, Reuters reported.

According to Rio, the move followed the completion of all pertinent Chinese regulatory approvals. It also added, in a statement that the government of Guinea retained its option for participation and was “expected to take up its first share in the near”

Rio and the Chalco consortium now own 50.35 percent and 44.65 percent in the Simandou project respectively, with the remaining 5 percent held by the International Finance Corporation (IFC), an arm of the World Bank.