Rio Tinto inks infrastructure deal for Simandou iron ore project
Rio Tinto on Friday concluded key agreements with the government of Guinea and Winning Consortium Simandou (WCS) on the trans-Guinean infrastructure for the Simandou, one of the world’s largest deposits of iron ore.
The miner said Simfer — a joint venture between Rio Tinto, Chalco Iron Ore Holdings and the government of Guinea — will share infrastructure capacity and associated costs with WCS.
The WCS comprises of Winning International Group and Weiqiao Aluminium — part of the China Hongqiao Group — which have a 49.99% stake each, as well as United Mining Suppliers.
Rio said the co-development of Simandou is subject to a number of conditions, including Guinea approving the final feasibility study.
The project has been haggled over for years, with exploitation delayed by legal wrangling and the difficulty and cost of building infrastructure.
“Negotiations continue between the partners to finalize the investment agreements and related shareholders’ agreements which underpin the co-development,” Rio said.
(By Yadarisa Shabong; Editing by Savio D’Souza)
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Flavio Taimo
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Flávio Taimo