IFC to acquire 5% stake in Rio Tinto's Simandou project

The board of directors of the International Finance Corporation (IFC), the private sector arm of the World Bank Group, has approved the acquisition of a 5 percent stake in Simfer SA, a locally incorporated subsidiary of Rio Tinto's Simandou iron ore project in Guinea. Simfer is currently working on a pre-feasibility study for the Pic de Fon deposit within the concession area. IFC's involvement in the iron ore project will support Rio Tinto and the Guinean government in conducting the feasibility studies, environmental and social studies, and ore transportation studies for the development of the project.