Work has restarted at the US$15 billion Simandou iron ore project in south-eastern Guinea.
According to Rio Tinto, whose Guinea unit RioTinto Simfer will be mining two of four blocks at Simoundou, the site is home to the world’s largest and richest untapped high-grade iron ore deposit. Its reserves are estimated at 4 billion tons.
Mining Technology reports that the Guinea government stopped work a year ago in an attempt to force the investors to agree on joint venture (JV) terms.
A JV – comprising Rio Tinto Simfer, and China- and Singapore-backed Winning Consortium Simandou (which is mining the other two blocks) – is developing the infrastructure required to export the iron ore. The project includes a railway and a port.
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