Rio Tinto CEO Met Guinea President on Simandou Iron Ore Project
- Jakob Stausholm says he was in Guinea this week for meetings
- Simandou is the largest untapped iron ore mine in the world
Jakob Stausholm
Photographer: Oliver Bunic/BloombergThis article is for subscribers only.
Rio Tinto Group’s chief executive officer said he met Guinea’s president this week to discuss how the world’s second-largest miner can be involved in developing a giant iron ore deposit in the country.
Rio Tinto controls half of the Simandou deposit, which spent years in limbo because of disputes over ownership rights and the large investments required to extract and transport the ore. The project could have big implications for the iron ore market -- Rio’s share of the deposit could deliver more than 100 million tons a year of the highest-quality ore, which is increasingly in demand in China.