Rio Puts Cost of Giant Guinea Iron Ore Mine at $6.2 Billion
- Simandou will deliver high-grade material for green steel
- Sees first production from 2025, ahead of expectations
This article is for subscribers only.
Rio Tinto Group will spend around $6.2 billion on development of the vast Simandou iron ore deposit in Guinea, its first official estimate for a marathon project that aims to deliver high-quality material for steelmakers seeking to curb emissions.
Outlining a $30 billion capital-expenditure plan for the group over the coming three years, Rio said initial production from its Simfer joint venture in Simandou is expected from 2025, faster than most analysts had forecast. That would come after completion of what will be one of Africa’s largest-ever infrastructure projects, including hundreds of kilometers of rail and a port.