[miningmx.com] – GUINEA has approved a $20bn investment proposal in its iron ore prospect, Simandou, involving Rio Tinto, Chinalco and the International Finance Corporation, the investment arm of the World Bank.
“We congratulate the government for this excellent project,’ Bloomberg News quoted the National Assembly President Claude Kory Kondiano to have said.
“It is a good contract because of the quality of shareholders Rio Tinto, Chinalco and IFC, the World Bank’s private-sector financing arm.’
Simandou is the world’s largest untapped iron-ore resource. The deal foresees the construction of a 650km railway and a deepwater port, said Bloomberg News.
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