China International Fund and Bellzone Mining Plc (BZM) are interested in taking over Rio Tinto Group (RIO)’s Simandou iron-ore project in Guinea, the Sunday Times reported, citing a presentation from last year.

CIF and Bellzone made a pitch to the Guinea government to develop the project after Rio had already reached a deal, according to the presentation, which was dated August 2011, the newspaper said.

“What’s wrong with that?” Bellzone Chief Executive Officer Nik Zuks said last week about attempting to take over Simandou, the Times reported.