A milestone step for Rio, and Guinea

After years of wrangling, Rio Tinto and its investment partners have moved a step closer to evaluating the costs of Africa’s biggest mining project, including a massive infrastructure build, which could top $20 billion.

The signing of an investment framework for the Rio Tinto-led Simandou iron ore project in Guinea is an important milestone in the colourful and lengthening history of one of the world’s largest and richest undeveloped iron ore resources. There’s still a very long way to go, however, before Simandou actually produces any ore.

The signing of the framework by Rio, China’s state-owned Chinalco, the World Bank’s IFC and the government of Guinea create the legal framework for the project as well as the commercial path towards that first production.

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