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Simandou holds over two billion tonnes of iron ore reserves and some of the highest grades in the industryThe Guinea government announced on Tuesday that shareholders involved in Simandou have signed $15 billion in financing agreements for the iron ore project.
The accords provide funds for rail and port infrastructure that Compagnie du Trans-Guinéen — a joint venture 15% owned by the Guinean government and 42.5% equally by a Rio Tinto group with Chinese investors and China-backed Winning Consortium Simandou — will build.
Set to be the world’s largest and highest-grade new iron ore mine, the project will add around 5% to the global seaborne supply when it comes online.due to its complex ownership structure, delays caused by legal disputes, Guinea’s political changes and construction challenges.
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