As part of the agreement, Steinmetz’s company agreed to walk away from the asset, but retained the right to mine the smaller Zogota deposit. A cookie is a small file of letters and numbers that we store on your browser or the hard drive of your computer if you agree. UK-Australian mining firm Rio Tinto has resurrected plans to develop its high-grade Simandou iron ore project in Guinea and raised the prospect of a joint venture with Chinese consortium SMB-Winning, putting pressure on Rio Tinto's rivals in the Pilbara region of Western Australia. Your email address will not be published. Rio Tinto (ASX, LON,NYSE: RIO) is suddenly in a rush to develop the giant and controversial Simandou iron ore project in Guinea, as half-year earnings support an investment case for the steel-making material. Iron ore accounted, once again, for the lion’s share of the second-biggest miner’s profits for the six months to June 30. Simandou has been the scene of much controversy for Rio over the past decade, most notably over the payment of $US10.5 million to a political … The Simandou Saga & China’s Threat To Africa. “There is a huge incentive for the Chinese to make it happen now,” he said, referring to the industrial activity increase in the Asian giant. Rio Tinto (ASX, LON,NYSE: RIO) is suddenly in a rush to develop the giant and controversial Simandou iron ore project in Guinea, as half-year earnings support an investment case for the steel-making material. These Cookies are used by advertising companies to inform and serve personalised ads to your devices based on your interests. If you choose to subscribe to our media releases or other communications, you can unsubscribe at any time (by following the instructions in the email or by contacting us). Various tensions between China and the US have substantially increased geopolitical risk and heightened Beijing’s concern with resource security. A cookie is a small file of letters and numbers that we store on your browser or the hard drive of your computer if you agree. Rio Tinto Group is accelerating work toward potential development of the giant Simandou iron ore project in Guinea, as half-year earnings showed … The world’s no. So when the company acquired the exploration rights at Simandou back in 1997, many people thought it would change the company’s fortunes forever. Rio Tinto and Chinalco, who respectively own 45.05 per cent and 39.95 per cent of Simandou, will continue to work with the Government of Guinea to explore other options to realise value from the world-class Simandou iron ore … Rio Tinto owns 45.05% of Blocks 3 and 4, with China’s Chinalco holding a 39.95% and the Guinean government a 15%. LES MIRAGES DE SIMANDOU : Rio Tinto à nouveau dans la course, un banquier français à la manœuvre (#2) The non-binding heads of agreement, originally signed on 28 October 2016, for Chinalco to acquire Rio Tinto's entire interest in the Simandou iron ore project in Guinea has lapsed. We won't process that personal data for other purposes except where required to meet our legal obligations or otherwise as authorised by law and notified to you. There is additional information in the appendices to the Data Privacy Standard, including information about disclosures, trans-border data transfers, the exercise of data subject rights and how to make complaints or obtain further information relating to Rio Tinto’s processing of your personal data. Cookies contain information that is transferred to your computer's hard drive. However if you choose to provide personal data to Rio Tinto through this website (for example, by sending us an email), we will process that personal data to answer your query and if relevant, to manage our business relationship with you or your company. Rio Tinto once controlled all of the Simandou deposits, but the government took back blocks 1 and 2 in 2008 and sold the concessions to BSG Resources. Your email address will not be published. We won't process that personal data for other purposes except where required to meet our legal obligations or otherwise as authorised by law and notified to you. Rio Tinto once saw Simandou as central to its ambitions to become the world's top iron-ore producer after winning the rights to mine a 300-square-mile area in 2006. The allegations center around the payment of a $10.5 million bribe to François de Combret [ fr ] , a French banking consultant who was a … The mine shutdown has helped push prices for zinc. Developing the rich ore under a jungle-covered mountain range presents additional challenges. The country is also the world’s top iron ore consumer, with its demand set to hit 1.225-billion tonnes by the end 2020, according to a government think tank. In 2008 Rio Tinto Group, the licensee of the Simandou concession, was ordered by the Guinean government to relinquish the northern half (Blocks 1 and 2, east and southeast of Kérouané) to BSG Resources, a company controlled by the Israeli diamond investor Beny Steinmetz. The first component is the development of the mine, which is expected to produce 100 million tonnes of iron ore per year. Jacques noted the company has been working with its Chinese partners to try determining the costs of developing their half share of Simandou. (. 60 views; 4 minute read However if you choose to provide personal data to Rio Tinto through this website (for example, by sending us an email), we will process that personal data to answer your query and if relevant, to manage our business relationship with you or your company. IOC, majority owned by Rio Tinto, operations are integrated across a mine and processing plant in Labrador City, Newfoundland and a port and stockpile in Sept-Iles, Quebec. Chinalco could yet pick up the blocks formerly held … The main reason that Rio Tinto is pushing forward with such a huge project is the fact that Simandou is one of the world's largest untapped, high-grade resources of iron ore. The deposit is comprised of four blocks. Rio is in talks with its Chinese partners to try determining the costs of developing their half share of Simandou. Rio Tinto (RIO +1.3%) says it is accelerating work on potential development of the giant Simandou iron ore project in Guinea. In 2008, one of Guinea’s former dictators stripped Rio Tinto’s rights over two of the four blocks the deposit had been divided on and handed them to Israeli billionaire Benny Steinmetz’s BSG Resources (BSGR). That includes how the project will be funded, the sources added. Rio Tinto’s next CEO faces a decision on a costly but coveted African project that ‘represents a major threat to long-term iron-ore prices’ Mist shrouds the Simandou mountains in … Rio Tinto is an Anglo-Australian company that is primarily focused on the extraction of minerals. Because Simandou was unlike anything anybody had ever seen. “Under all scenarios Simandou will be developed, with or without Rio Tinto,” chief executive Jean-Sébastien Jacques told Bloomberg News. RIO Tinto was making progress with the development of Simandou, a large iron ore project in West Africa’s Guinea, said Bloomberg News citing Jean-Sebastien Jacques, CEO of the mining group. Rio Tinto’s efforts to re-secure the blocks were stymied, and in April 2010, Vale announced that it would pay $2.5 billion for a 51% interest in BSG. For over a decade, it seemed that Guinea’s crown jewel deposit would never be mined, as it was caught up in wrangles between companies that held rights to it and the authorities in the West African nation. This helps us to provide you with a good experience when you browse our website and also allows us to improve our site. The financial burden of building a 650-km (400-mile) railroad stretching across Guinea to ports has always been a roadblock for developers. Analysts say Guinea’s population has so far seen little benefit from Chinese investment. demand set to hit 1.225-billion tonnes by the end 2020, Vedanta’s Gamsberg mine stays shut as search continues for trapped worker, Glencore taps coal head Gary Nagle as new CEO, Innu communities sign Reconciliation and Collaboration Agreement with IOC, Australian inquiry into sacred cave destruction seen recommending mining reforms, Samarco to resume production after Fundão dam tragedy. These Cookies are used to provide a better user experience on the site, such as by measuring interactions with particular content or remembering your settings such as language or video playback preferences. Simandou could dampen iron ore prices once it reaches full production. That guaranteed Rio tenure for the lifetime of the Simandou mine. We produce iron ore for steel, aluminium for cars and smart phones, copper for wind turbines, diamonds that set the standard for “responsible”, titanium for household products and borates for crops that feed the world, Rio Tinto is a mining and metals company operating in about 36 countries around the world, We produce materials essential for human progress, Iron ore, one of the most abundant metals on Earth, is the primary raw material used to make steel, We work in about 36 countries – in mines, smelters and refineries, as well as in sales offices, data centres, research and development labs, In the Pilbara region of Western Australia, we own an integrated portfolio of iron ore assets: a world-class, integrated network of 16 mines, We work hard to leave a lasting, positive legacy everywhere we work, We believe that greater transparency and accountability helps build trust and encourages sustainable business practices across our industry, We aim to deliver superior returns to our shareholders while safeguarding the environment and meeting our obligations to wider society, Discover the work we're doing with innovation, communities and our employees, From underground miners to data scientists, we want your hard work, dedication and outside-the-box thinking. If you choose to subscribe to our media releases or other communications, you can unsubscribe at any time (by following the instructions in the email or by contacting us at digital.comms@riotinto.com). The mine development principally involves three components. The second component is the construction of a railway line, which will be approximately 650km long, to transport the extracted ore. (Rio Tinto Simandou) Image courtesy of Rio Tinto Simandou The oldest known mine in the world was discovered in the hills around Ngwenya (Swaziland). “There is more activity in Guinea,” said Jacques in an interview on Friday. Rio Tinto’s Simandou iron ore project in Guinea. Rio Tinto’s Simandou operation in Guinea. Rio Tinto chief executive Jean Sebastien Jacques has confirmed for the first time the company is discussing the development of Africas Simandou deposit with Chinese steel giant Baowu, in … The non-binding heads of agreement, originally signed on 28 October 2016, for Chinalco to acquire Rio Tinto's entire interest in the Simandou iron ore project in Guinea has lapsed. Cookies contain information that is transferred to your computer's hard drive. This helps us to provide you with a good experience when you browse our website and also allows us to improve our site. But those plans soon foundered in a country with few skilled workers and poor infrastructure. “Analysts say Guinea’s population has so far seen little benefit from Chinese investment” China and Rio Tinto are only interested in lining there pockets and could not care less if the people see anything. Part 1 of this Privacy Policy contains the Rio Tinto Data Privacy Standard, which provides an overview of Rio Tinto’s approach to personal data processing.
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