Rio Tinto Renews Work on Giant Guinea Iron Ore Deposit
- Company is working on new plans to see if the mine is viable
- Simandou is the world’s richest undeveloped iron ore mine
Simandou iron ore mine, Guinea.
Source: Bing
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Rio Tinto Group is looking at new ways to develop the giant Simandou iron ore deposit in Guinea that it almost sold last year, according to people familiar with the matter.
Simandou is one of the world’s biggest untapped mineral deposits, but has a controversial past. For more than a decade, it has been the center of a bitter dispute that includes Vale SA and Israeli mining tycoon Beny Steinmetz. An agreement to sell the project collapsed last year, and Rio now appears increasingly committed to finding a way to build it.