Guinea’s Parliament Approves Rio Tinto $20 Billion Agreement

Lawmakers in Guinea approved an agreement signed by the government, Rio Tinto, Chinalco and the International Finance Corp. that plans $20 billion investment in the Simandou iron-ore mine.

“We congratulate the government for this excellent project,” National Assembly President Claude Kory Kondiano said. “It is a good contract because of the quality of shareholders Rio Tinto, Chinalco and IFC, the World Bank’s private-sector financing arm.”

Simandou is the world’s largest untapped iron-ore resource. The deal foresees the construction of a 650-kilometer (403-mile) railway and a deepwater port.

To contact the reporter on this story: Ougna Camara in Conakry via Accra at +233

To contact the editor responsible for this story: Antony Sguazzin at Mike Millard

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