Pan African expands into Australia, halts Sudan project
It has paid $54.2 million for full ownership of gold junior Tennant Consolidated Mining Group and its 50,000 gold-oz./y project.
Lawmakers in Guinea approved on Saturday a joint development deal for its giant Simandou iron ore project involving the junta-led government, Rio Tinto, and Winning Consortium Simandou, the lawmaking body’s spokesperson said.
Simandou, set to be the world’s largest and highest grade new iron ore mine, has been the subject of prolonged negotiations due to its complex ownership structure, delays caused by legal wrangling, Guinea’s political upheaval and difficulties around construction.
The National Transition Council, which acts as parliament under Guinea’s interim regime, voted to approve laws that ratified the agreement, which envisages the completion of construction by end-2024, council spokesperson Mory Dounoh told journalists after the vote.
Rio Tinto owns two of four Simandou mining blocks as part of its Simfer joint venture with China’s Chalco Iron Ore Holdings (CIOH) and the government of Guinea. Rio Tinto holds a 53% stake, while CIOH holds the rest.
The two other mining blocks are being developed by Winning Consortium Simandou (WCS), made up of Singapore-based Winning International Group, Weiqiao Aluminium – part of the China Hongqiao Group – and United Mining Suppliers.
(By Saliou Samb and Alessandra Prentice; Editing by Emelia Sithole-Matarise)
2 Comments
Celeste Heindrick
So Rio’s major wealth has come from Pilbara iron ore, and now they decide to invest more in Guinea than the Pilbara, cutting its planned Pilbara investment by billions. Think it’s time governments dropped its tape, FBT, and payroll tax, and license fees. A bad day for Aus!
Miss Liza Sparke
This situation is beyond belief; how does Australia fit into all of this? To begin with, the funds that have been sent offshore were predominantly earned right here in the Pilbara. Instead of reinvesting in our own country, Rio Tinto chooses to direct its investments elsewhere. This reflects poorly on both the government and bureaucrats, who have suffocated businesses with layers of unnecessary bureaucracy, making it nearly impossible to thrive. It’s a tangled mess of red tape, green tape, and self-serving government white-collar crime perpetrated by those who lack the ability to successfully manage private enterprise. This is not just a travesty; it’s outright criminal and goes against the very essence of what it means to be Australian. It’s time to put an end to this madness.