China’s State-owned Assets Supervision and Administration Commission plans to give approval for the development of the Simandou iron ore mine located in Guinea following a legal conflict which has dragged on for a very long time, according to a Bloomberg report.
A consortium formed by the Guinean authorities and Chinese investors wants to start the production at the mine within five years. Their half of the project could deliver over 100 million mt per year of the highest quality ore.
The Simandou project consists of four blocks, two belonging to a Chinese and Singaporean backed consortium, while the other two are owned by Rio Tinto Plc and Aluminum Corp. of China, known as Chinalco.
SASAC is also negotiating with some state-owned enterprises regarding the construction of costly port and rail facilities.