Guinea Says Rio Bound to $20 Billion Mine as CEO Flags Delay
- African nation keen to develop Simandou iron ore project
- Rio CEO doesn’t see way forward due to low prices: Times
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Guinea said Rio Tinto Group must honor its commitment to develop the world’s largest untapped iron ore deposit, after the company’s chief executive officer signaled it may delay building the $20 billion mine and related infrastructure because of low prices.
Guinea is counting on Rio and other investors, including Aluminum Corp. of China Ltd. and International Finance Corp., to meet their funding commitments for the Simandou project, the mining ministry said in an e-mailed statement. The government is “convinced” that a financing solution will be found.