Rio Tinto and Chinalco have resurrected plans to develop jointly a rich iron ore deposit in Guinea 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.
Rio in 2008 estimated project development would cost $6bn but analysts now believe it could be closer to $12bn.
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