Fortescue loses race for Simandou iron ore project

Thursday, 14 November 2019 15:52:39 (GMT+3)   |   Istanbul
       

The consortium of the Societe Miniere de Boke and Winning Shipping (SMB-Winning) has won a tender to develop the Simandou iron ore blocks 1 and 2 in Guinea, Reuters has reported. The winning bid was $14 billion, while Fortescue Metals Group offered $9 billion.

The development of the deposit will require from the winner the construction of a 650 km railway and a deep-water port for iron ore exports. The resources at Simandou are estimated at 2 billion mt of good quality iron ore. “The Simandou Project will be crucial for Guinea’s future,” said Sun Xiushun, chief executive of SMB-Winning, adding that the infrastructure development will bring a lot of positive changes in the country.

Simandou’s blocks 3 and 4 have been owned by Rio Tinto and China Aluminium Corp (Chinalco), but in late October Rio Tinto decided to sell to sell its entire stake to Chinalco.

The consortium SMB-Winning is Guinea’s biggest bauxite exporter and includes such investors as Yantai Port Group, Guinea's government, and Chinese aluminium producer Shandong Weiqiao.


Similar articles

Daily iron ore prices CFR China - March 18, 2024

18 Mar | Scrap & Raw Materials

Turkey’s iron ore imports down 18.7 percent in January

18 Mar | Steel News

Major steel and raw material futures prices in China – March 18, 2024 

18 Mar | Longs and Billet

Major steel and raw material futures prices in China - March 15, 2024

15 Mar | Longs and Billet

Brazilian high-grade iron ore price declines sharply in three days

15 Mar | Scrap & Raw Materials

Daily iron ore prices CFR China - March 15, 2024

15 Mar | Scrap & Raw Materials

Iron ore prices below $105/mt CFR amid falling futures, poor demand

14 Mar | Scrap & Raw Materials

Australia’s Centaurus Metals explores potential for DR pellet feed from Jambreiro

14 Mar | Steel News

Major steel and raw material futures prices in China - March 14, 2024

14 Mar | Longs and Billet

Daily iron ore prices CFR China - March 13, 2024

13 Mar | Scrap & Raw Materials