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Rio Tinto Clears Final Hurdle to US$11.6 Billion Iron Ore Mine Development
07/16/2024 - Rio Tinto announced on Monday that it has received final approvals for its US$11.6 billion iron ore mine project in Western Africa.
According to Rio Tinto’s press release, the Simandou iron ore project has received the final blessing of Guinean and Chinese governments. The transaction is expected to close this week.
The Simandou iron ore deposit, located in the Republic of Guinea in Western Africa, is the world’s largest untapped iron ore deposit.
Through its Simfer joint venture, Rio Tinto will co-develop the site with a consortium of stakeholders that includes China’s Baowu Group and Guinean and Chinese state-run enterprises.
The final plan also includes provisions for more than 600 kilometers of multiuse railway infrastructure development and new port facilities.
“Simandou will deliver a significant new source of high-grade iron ore that will strengthen Rio Tinto’s portfolio for the decarbonization of the steel industry, along with trans-Guinean rail and port infrastructure that can make a significant contribution to the country’s economic development,” said Bold Baatar, Rio Tinto’s executive committee lead for Guinea and Copper chief executive.
Rio Tinto says it expects the mine to commence production in 2025. Once operational, the mine will produce up to 60 million metric tons of high-grade iron ore per year.
Read more on the project here.
The Simandou iron ore deposit, located in the Republic of Guinea in Western Africa, is the world’s largest untapped iron ore deposit.
Through its Simfer joint venture, Rio Tinto will co-develop the site with a consortium of stakeholders that includes China’s Baowu Group and Guinean and Chinese state-run enterprises.
The final plan also includes provisions for more than 600 kilometers of multiuse railway infrastructure development and new port facilities.
“Simandou will deliver a significant new source of high-grade iron ore that will strengthen Rio Tinto’s portfolio for the decarbonization of the steel industry, along with trans-Guinean rail and port infrastructure that can make a significant contribution to the country’s economic development,” said Bold Baatar, Rio Tinto’s executive committee lead for Guinea and Copper chief executive.
Rio Tinto says it expects the mine to commence production in 2025. Once operational, the mine will produce up to 60 million metric tons of high-grade iron ore per year.
Read more on the project here.
