In a statement released at the conclusion of its mission to Guinea, the International Monetary Fund (IMF) has said that the Simandou iron ore project of Australia-based miner Rio Tinto will contribute to a gradual pick-up in Guinea's mining industry.
The IMF indicated that in 2013 Guinea's economy suffered from a difficult socio-political situation and a slowdown in mining activity. As a result, growth slowed to 2.3 percent.
As SteelOrbis previously reported, Rio Tinto has signed an investment framework agreement for the development of two blocks of the Simandou iron ore project in Guinea. The company expects to commission the $20 billion project in December 2018.