Guinea Gets Chinese Boost to Unlock Simandou Iron Ore Deposit

(Bloomberg) — Guinea announced the resumption of works to develop Simandou, the world’s biggest untapped deposit of high-grade iron ore, after holding high-level talks with Chinese authorities and investors.

Rio Tinto PLC, Winning Simandou Consortium and China Baowu Steel Group Corp. Ltd. agreed to restart infrastructure development at the site in March, Guinea’s military government said in a statement Monday. The companies are expected to finalize negotiations on the project’s paperwork no later than Feb. 28, it said.