Australia-based miner Rio Tinto has announced that it will invest approximately $6.2 billion in the Simandou iron ore project, which is being progressed in partnership with China-based Chalco Iron Ore Holdings in Guinea.
First production from the project is expected in 2025, ramping up over 30 months to an annualized capacity of 60 million mt (with a 27 million mt share for Rio Tinto).
“Simandou will deliver a significant new source of high-grade iron ore that will strengthen Rio Tinto’s portfolio for the decarbonization of the steel industry, along with trans-Guinean rail and port infrastructure that can make a significant contribution to the country’s economic development,” Bold Baatar, Rio Tinto executive committee lead for Guinea, said.
