Rio Tinto is progressing towards mining the massive Simandou iron ore deposit in Guinea, viewing it as a potential solution to its share price slump and regulatory challenges.
Rio Tinto’s long-held ambitions of mining the world’s largest untapped supply of high-grade iron ore inched closer this summer – after signing deals to build nearly 400 miles of railway infrastructure. The Anglo-Australian commodities giant is hoping to bolster its position as one of the world’s biggest iron ore miners by exploiting the Simandou deposit, located in a remote, mountainous region of Guinea. After years of legal wrangling and delays, the project – which could produce 2.
However, the outlook remains gloomy – with Rio unveiling its lowest first-half-year profits since the pandemic in August, plagued by tumbling iron ore prices. It posted profits of £4.4bn for the first six months of trading this year, falling more than a third from the £6.7bn bumper figure posted 12 months prior. The company, which chiefly operates from its mining complexes in the Pilbara region of Western Australia, is highly dependent on Chinese demand to power its earnings.
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