Guinea, the world's top exporter of bauxite aluminium ore, had hoped for its own multi-billion-dollar deal with China to build hydropower DAMS, roads and Bridges in return for mines.

That undermines the idea that Chinalco, an aluminium maker with no need of iron ore, would seek to persuade Rio to sell cheaply to China Inc.

The combined entity would be the world’s biggest producer of iron ore, copper and aluminium, and a major player in coal, zinc and diamonds.