The company has so far spent more than $500 million on developing the project.
Simandou holds over two billion tonnes of iron ore reserves and some of the highest grades in the industryRio Tinto has been solely funding preparatory work at the blocks it holds at Simandou, one of the world’s largest untapped iron ore deposits, as its Chinese partners are yet to make their funds available, two sources close to the matter said.
“The worry is that if their partners don’t get approval from China on their funding, the money will deplete,” added one of the sources, who declined to be named because the information is not public. With a complex ownership structure, Simandou has been haggled over for years, its construction delayed by legal wrangling, Guinea’s political changes and the difficulty and cost of the 600 km of rail and port that need to be built to export the ore from the mines in the southeast of the country.
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Rio Tinto shoulders Simandou iron-ore bill as Chinese funds delayed – sourcesRio Tinto has been solely funding preparatory work at the blocks it holds at Simandou, one of the world's largest untapped iron-ore deposits, as its Chinese partners are yet to make their funds available, two sources close to the matter said. The Anglo-Australian miner owns two of four Simandou mining blocks as part of its Simfer joint venture with China's Chalco iron-ore Holdings (CIOH) and the government of Guinea, where the mine is located.
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