Rio digs deep for Simandou - Australian Mining
The Simandou iron ore project in Guinea has received a $US100 million boost for major miner Rio Tinto.
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The Simandou iron ore project in Guinea has received a $US100 million boost for major miner Rio Tinto.
Rio says the amount of low-grade iron ore it ships over the next few years will depend on how quickly it can get replacement mines approved in Western Australia.
Rio Tinto is progressing towards mining the massive Simandou iron ore deposit in Guinea, viewing it as a potential solution to its share price slump and regulatory challenges.
Rio Tinto has demonstrated strong faith in its Simandou partners by providing $US100 million of liquidity to the project until formal funding deals are struck.
Chairman Dominic Barton says the mining giant will widen the net in its hunt for materials for the energy transition. He also talked up Rio’s ambitions in aluminium and lithium.