“The high iron content and low impurity content of the Simandou project will make Guinea a major player in the international iron ore market,” Lawrence Dechambenoit, head of external relations at mining company Rio Tinto, was quoted as saying at an event in Guinea's capital, Conakry. The project stands out as one of the largest iron ore reserves worldwide.
The event noted that the process of converting Simandou iron into steel could use technologies that emit less carbon dioxide and consume less energy. This feature increases the project's potential to meet global environmental goals.
In the Simandou project, Rio Tinto and Winning Consortium Simandou own 42.5% of the special purpose vehicle, while the Guinean government owns 15%. Djiba Diakite, chairman of the project's strategic committee, announced that 8 billion tons of iron ore reserves will be exploited and annual production will be about 160 million tons. It was also stated that $15 billion will be invested in the project, a port and 650 kilometers of railway will be built, 100 kilometers of which have been completed so far.
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