RTNTF - Rio Tinto's Management Greenlights World's Largest Global Mining Project | Benzinga
Rio Tinto‘s (OTCPK: RTNTF) board has approved Guinea’s Simandou iron ore project, marking it the world’s largest mining endeavor. CEO Jakob Stausholm confirmed the news about the $20 billion project.
"The board yesterday sanctioned the biggest mining project in the world," Stausholm told the Financial Times, expressing confidence about regulatory approval but noted that they are still awaiting the decision from their state-owned Chinese partners.
Rio Tinto aims to start high-grade iron ore production as early as 2025 in collaboration with multiple partners, including the Guinean government and at least seven other companies, five from China. The $20 billion project is anticipated to contribute approximately 5% to global seaborne supply upon its completion and create around 45,000 jobs.
The complexity of the Simandou project arises from its intricate ownership structure, prolonged negotiations, legal disputes, and the ever-changing political landscape in Guinea. Rio Tinto holds two of ...