June 14 (Bloomberg) -- 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 firstname.lastname@example.org.
To contact the editor responsible for this story: Antony Sguazzin at email@example.com. Mike Millard