Rio Tinto announced on Friday that significant progress has been made in the development of the Simandou iron-ore project in Guinea. The company revealed that agreements have been reached between various stakeholders, including the government of Guinea, regarding the crucial trans-Guinean infrastructure required for exporting the steelmaking ingredient.
Rio Tinto's Simfer joint venture, responsible for developing blocks 3 and 4 of the Simandou project, has successfully concluded key agreements with the Winning Consortium Simandou, which is developing blocks 1 and 2. These agreements relate to the collaborative construction of port facilities and the establishment of a new railway spanning approximately 370 miles.
Bold Baatar, Rio Tinto's executive committee lead for Guinea and copper chief executive, expressed his satisfaction with the achieved milestones, stating, "With these agreements, we have reached an important milestone towards full sanction of the Simandou project."
While negotiations between the partners are still ongoing to finalize investment and shareholder agreements, this recent development marks a significant step forward in the joint development of the Simandou iron-ore project.