March 12 (Bloomberg) -- Rio Tinto Group, the world’s second-biggest mining company, said it’s committed to the development of a $10 billion iron ore project in Guinea.
“The Simandou project is definitely not frozen and Rio Tinto continues to progress the project and is committed to its development,” London-based Rio said today in an e-mail. Rio slowed progress and slashed staff by 90 percent at the project as it awaits a more stable and secure regulatory framework, Reuters said yesterday, citing unnamed government sources.
Simandou, which Rio has described as the world’s biggest undeveloped iron ore deposit, is scheduled to start production in 2015. The company in June allocated $501 million to building rail and port at the project.
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