The cost of the Simandou iron ore project in Guinea will be $6.2bn, Rio Tinto has revealed.
The project is widely recognised the largest untapped high-grade iron ore deposit in the world, and plays a crucial role in Rio Tinto's expansion plans. Simandou is a joint venture involving CIOH, a Chinalco-led consortium, Winning Consortium Simandou, Baowu and the Republic of Guinea.
Scheduled for production commencement in 2025, the Simandou mine is anticipated to boast an annualised capacity of 60mn tonnes. Simandou's high-grade direct shipping ore is estimated to be 2.8bn tonnes, with a projected mine life of 26 years. It also represents the largest greenfield integrated mine and infrastructure investment in the region.
Rio Tinto's development plan involves building more than 600km of new multi-use rail and modern port facilities. In a press release, Bold Baatar, Rio Tinto's executive, also highlighted Simandou's importance in enhancing the company's portfolio for steel industry decarbonisation.
“Simandou will deliver a significant new source of high-grade iron ore that will strengthen Rio Tinto’s portfolio for the decarbonisation of the steel industry, along with trans-Guinean rail and port infrastructure that can make a significant contribution to the country’s economic development,” he said.
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