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Rio Tinto Inks Deal to Unlock Huge Simandou Iron Ore Project

  • Guinea’s government wins ‘free carry’ 15% stake in port, rail
  • Simandou is the world’s biggest untapped iron ore deposit
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Rio Tinto Group said it’s formed a joint venture with the Guinea government and Winning Consortium Simandou to develop infrastructure including a railway and port in a breakthrough that should help unlock the world’s biggest untapped iron ore deposit.

“The parties will now work on next steps including shareholding agreement, finalizing cost estimates and funding, and securing all necessary approvals and other permits and agreements required to progress the co-development of infrastructures,” Rio said in a statement