ACH - Rio Tinto Guinea reach deal to resume Simandou iron ore development

Guinea's mining minister says the government reached agreement with Rio Tinto (NYSE:RIO -2.1%) and a Chinese-backed consortium to resume activities at the Simandou iron ore deposit. According to Reuters, Mines Minister Moussa Magassouba said on Saturday that a framework agreement had been signed between the government and companies involved in the project, including Rio Tinto, Aluminum Corp. of China (ACH -0.9%) and the Chinese-backed SMB-Winning consortium. The minister reportedly said infrastructure projects, led by a $15B, 419-mile railway from the Simandou site to a new deepwater port, must be completed by December 2024 and commercial production must begin by the end of Q1 2025, a timeline analysts say is ambitious given the scale of the infrastructure that needs to be built. Magassouba said the government had negotiated and obtained 15% stakes in the rail, port and mines, while the new infrastructure would become Guinean state property upon completion. Simandou is

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Rio Tinto, Guinea reach deal to resume Simandou iron ore development