China Just Locked Up Another Monster Resource Deal In Africa

China just locked up another massive investment in Africa, this time focusing on an iron ore project in Guinea, according to China Daily.

But aluminium Corp of China (Chinalco) is not alone in this deal.

This project is set to be the a joint venture with Rio Tinto, worth $1.35 billion.

Chinalco is the largest shareholder in Rio Tinto.

This comes just 2 months after China increased the size of its Africa equity fund to $3 billion.

Rio Tinto shares are down over 2% in London.

Rio Tinto 730

Check how China is beating Charity in helping Africa >

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.