Australian mining giant Rio Tinto remains committed to its $10 billion Simandou iron ore projects located in Guinea, West Africa, despite the slowdown in progress regarding development of the project, according to media reports.
The Guinean government has the necessary "means and the expertise" to move forward on the financing for its share of the project that is expected to ship the first iron ore in mid-2015, as indicated by a government spokesman. According to a settlement agreement signed between Rio Tinto and the Guinean government in April 2011, the government has the right to take a stake of up to 35 percent in the project.
As SteelOrbis previously reported, in June 2012 Rio Tinto announced the allocation of $501 million for further infrastructure development at the Simandou iron ore project.