ACH - Rio Tinto's Simandou iron ore project ordered stopped by Guinea rulers

Guinea's government has ordered a halt of all activities at the Simandou iron ore deposit owned by Rio Tinto (NYSE:RIO) and others, saying it had not seen progress towards developing the long-stalled project and it wants more details on how Guinea's interests will be preserved. Simandou is the largest known deposit of its kind, holding more than 2B metric tons of high-grade ore, but its development has been slowed by legal fights and the cost of infrastructure. The government has said any developer of the mine must build a railway spanning the country, even though it adds significant costs and the route to port through neighboring Liberia is much shorter. Rio Tinto owns a ~45% stake in Blocks 3 and 4 of Simandou, while Aluminum Corp. of China (NYSE:ACH) holds nearly 40% and Guinea's government has 15%; Blocks 1 and 2 are controlled by Chinese-backed consortium. Rio Tinto said this

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Rio Tinto's Simandou iron ore project ordered stopped by Guinea rulers