Simandou has faced delays due to legal disputes, political changes, and the challenges of building a 600 km rail and port infrastructure.
IGO has been undertaking a strategic review in an attempt to revaluate its resources.
The world's largest producer of iron ore shipped 80.3 million tons of the steel-making commodity in the quarter.
Portugal already has the largest copper mine in the European Union, operated by Lundin Mining.
