Rio Tinto to launch $20B mine in Guinea-Conakry in 2024

2024-01-16

Jan. 12, 2024 - Backed by a $20 billion investment, development of the Simandou iron ore mining project will commence this year following anticipated investment approvals from Beijing for the state-owned Chinese partner, Chinalco.

Situated in the Simandou mountains in south-eastern Guinea-Conakry, the project represents the largest mining development in the world.

The iron ore, rail, and port development project will be developed as a joint venture between global mining group, Rio Tinto, the Guinean government, and multiple Chinese companies.

First ore from the project is expected for shipment by 2025, with full production expected to reach a capacity of 60 million tons per year by 2028, representing approximately 5% of the global seaborne iron ore market.

Situated approximately 550km from Guinea-Conakry’s coastal capital, the project will comprise two iron mines – the Simer project and WCS project –, a 644km rail system, and port infrastructure.

The project is poised to pioneer sustainable steel production technologies, decarbonizing the Chinese steel industry while exploring alternative approaches to emissions reduction in the global mining sector.