Guinean president resumes construction of Simandou iron mine project
The Simandou Range is believed to contain one of the largest untapped reserves of iron ore, estimated at over 2.4 billion tonnes with an iron content of over 65.5%. After completing negotiations over the issue of funding – the reason the project was put on hold – the country is almost ready to reap the riches of the mountain.
The Guinean government and its partners have resumed construction work on the Simandou mine and infrastructure.
Guinean leader Mamady Doumbouya officially announced the resumption of work during a ceremony in Moribaya, about 100 kilometers south of the capital Conakry.
“My ambition is for the Simandou project to serve as a real catalyst for Guinea’s economic development, and enable the country to become a major player in the global iron ore market,” Doumbouya said in a speech.
The Simandou project, estimated to cost $15 billion, includes the development of a railway, port and mine in the world’s largest untapped reserve of high-grade iron ore. content.
The owners of Simandou are the British-Australian multinational mining group Rio Tinto, the Guinean government and the Winning Simandou Consortium – a collection of Chinese and Singaporean companies. Recently, China’s largest iron and steel producer, Baowu, was allowed to join the project to accelerate financing.
The project was put on hold in March last year due to disagreements over how the project would be funded and how much of the revenue would go to the government.