Rio Tinto Inks Deal to Unlock Huge Simandou Iron Ore Project

Efforts to develop Simandou have been stymied for years by a series of disputes over ownership and infrastructure and by political changes in Guinea.

(Bloomberg) — Rio Tinto Group said it formed a joint venture with the Guinea government and Winning Consortium Simandou to develop infrastructure including a railway and port in a breakthrough that should help unlock the world’s biggest untapped iron ore deposit.

“The parties will now work on next steps including shareholding agreement, finalizing cost estimates and funding, and securing all necessary approvals and other permits and agreements required to progress the co-development of infrastructures,” Rio said in a statement.