Rio Tinto ready to build Simandou after almost 30 years of setbacks
Simandou has faced delays due to legal disputes, political changes, and the challenges of building out 600 km rail and port infrastructure.
Brendan Pearson, acting Chief Executive Officer of the Minerals Council of Australia (MCA) says that Australia’s national Budget “takes an important step towards reversing the imbalance between expenditure on short-term measures to boost consumption over long term capacity-building investment.” The Budget itself outlines investment of A$2 billion in carbon capture and storage over nine years; as part of the A$4.5 billion Clean Energy Initiative, A$339 million for a common-user port at Oakajee; part of the A$3.5 billion development; A$5.7 billion for higher education and innovation funding, A$1.3 billion for its Closing the Gap initiatives for Indigenous people, and A$3.3 million to develop and implement the National Mine Safety Framework. The Budget also excludes the implementation of a flow through shares scheme (FTSS) designed to help investment in exploration companies. (more…)
