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In the 1970s, Japan turned to Brazil to reduce its reliance on Australian iron ore. Now history could be repeating itself as China looks to Africa.
Steel giant Baowu’s increased role in the Simandou project underlines China’s determination to reduce its dependency on Australian iron ore.
The Simandou project involves the exploitation of four world class iron ore blocks in the southern region of Guinea, as well as the construction and operation of a 600km main railway line.
Rio Tinto’s Guinea unit has signed non-binding term sheet with China Baowu Steel Group (Baowu) to build infrastructure for the Simandou mine.
Rio Tinto's Guinea unit has agreed terms with joint venture partners including China's Baowu on developing infrastructure for the huge Simandou iron ore mine, the next step towards building a project... | January 4, 2023