Rio Tinto (GB:RIO) has released an update.
Rio Tinto has announced the satisfaction of all conditions for its investment in the Simandou iron ore project in Guinea, with regulatory approvals complete and the transaction set to finalize in the week of July 15, 2024. The ambitious project, marking Africa’s largest integrated mine and infrastructure investment, will develop over 600 kilometers of railway and port facilities to export up to 120 million tonnes of iron ore annually. Rio Tinto’s share of the project funding comes to approximately $6.2 billion, with first production expected in 2025 and plans to reach an annual capacity of 60 million tonnes over 30 months.
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