Mining Milestone: Rio Tinto To Launch World's Largest Project In Guinea's Simandou Mountains
Portfolio Pulse from Stjepan Kalinic
Rio Tinto (LSE: RIO) is set to initiate the world's largest mining project in Guinea's Simandou mountains, overcoming decades of challenges. The project includes two iron mines, a 400-mile rail system, and a port, with an initial investment of $6.2 billion. Partners include Chalco Iron Ore Holdings and China Baowu Steel Group. The high-grade iron ore from Simandou is crucial for cleaner steelmaking processes, aligning with global climate change goals. Production is expected to start in 2025 with an annual capacity of 60 million tons, Rio Tinto's share being about 27 million tons.
January 08, 2024 | 8:54 pm
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Rio Tinto is commencing the world's largest mining project in Guinea, with significant investment and strategic partnerships. The project's high-grade iron ore is key for eco-friendly steel production, with production starting in 2025.
The commencement of the Simandou project is a major milestone for Rio Tinto, indicating potential for increased future revenues and alignment with sustainability goals. The project's scale and its impact on cleaner steelmaking processes are likely to be viewed positively by investors, potentially leading to a short-term positive impact on Rio Tinto's stock price.
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