Oct 31 (Reuters) - Rio Tinto (LON:RIO) Ltd RIO.AX
* Rio Tinto and Chinalco have signed a non-binding agreement to sell rio tinto's entire stake in simandou project
* Rio Tinto will receive payments of $1.1-1.3 billion based on timing of development of project.
* Initial payment for shares will commence at time of first commercial production, on a per tonne basis
* Rio Tinto agrees heads of agreement to sell its stake in the-rio.ax Source text for Eikon: Further company coverage: RIO.AX