Global mining giant Rio Tinto yesterday said it has formalized an agreement with Guinea’s government to develop the world’s biggest untapped iron-ore deposit after years of wrangling over the US$20 billion deal.
The penning of an investment framework for the Simandou project with its partners, Chinese state-run aluminium group Chalco and International Finance Corp, a division of the World Bank, provides the legal and commercial foundation to push ahead.
“Today is an important milestone in the development of this world-class iron ore resource for the benefit of all shareholders and the people of Guinea,” Rio chief executive Sam Walsh said.
The Simandou iron ore project would create Africa’s biggest-ever infrastructure venture, boost Guinea’s annual revenue by US$1.2 billion through income tax and royalty payments, and pump billions more into the nation’s economy, Walsh said.
Guinean President Alpha Conde said it was of “critical importance” to his country, which is still recovering from decades of military dictatorships and misrule.
“It’s a nationwide priority that goes beyond the mines and far beyond our generations,” he said in a statement issued by Rio.
“With transparent and fair deals, our mining sector has the potential to be a game changer for Guinea. This project also represents a symbol of our continent’s tremendous efforts to meet its infrastructure challenges and build inclusive growth,” he added.
The investment framework is expected to be brought before the Guinean National Assembly within days for ratification.
Once this is done, the partners will finalize, within a year, a feasibility study to confirm project parameters including cost and timeline. No date was given for production to start.
In the meantime, Rio will lead talks with investors to finance the estimated US$20 billion investment, which will include a railway to carry iron ore from the Simandou mountain range to a deep-water port 650km away to export the ore.
Rio was awarded control of all four tenements at Simandou — which it said held 2.25 billion tonnes of iron ore resources — in 2006, but was ordered by the then-military dictatorship to relinquish two northern concessions in 2008.
These concessions were given to BSG Resources, a firm controlled by Israeli billionaire Beny Steinmetz, which in turn sold half its rights to Brazilian mining giant Vale.
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