Rio to delay Simandou: report

Miner pushes back targeted production by three years, to 2018.

Rio Tinto (RIO) has pushed back targeted production from the $US20 billion ($22.4bn) Simandou iron ore project in Guinea by three years, as African development plans made during the boom years continue to unwind, The Australian reports.

The newspaper understands the Simandou partners - Rio, China's Chalco and the World Bank - have signed a draft agreement with the Guinea government that says first exports are now not expected until the end of 2018.

The draft focuses on terms and conditions around funding and construction of the 650km railway through Guinea to a port south of the capital, Conakry, the Australian said.

A deal is expected by the end of the year.


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