News Column

Guinea, Chalco, Rio Tinto Accelerating Simandou Project

May 27, 2014

SHANGHAI, May 27, SinoCast -- News said the Guinean government had signed a framework investment agreement with Rio Tinto, Aluminum Corp. of China Ltd. (Chalco and SHSE: 601600), and IFC under the wing of World Bank Group, an effort to accelerate the construction of USD 20 billion Simandou iron ore project.

In the agreement, they confirm feasibility study on a 650-kilometer railway project and a deep-water port project will be completed within one year. Besides, those including Chalco and Rio Tinto should unveil a financing plan within 15 months and successfully launched the plan within 32 months, an effort to fix starting time for the project.

Located in Southeast Guinea, Simandou project is a world-level iron ore one. It is one of the biggest undeveloped iron ore mines in the world. In it, Chalco, Rio Tinto and IFC each controls a 44.65%, 50.35% and 5% stake.

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Source: Sinocast Metals, Mining & Chemicals Beat (China)

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