Guinea bets on world’s largest iron ore mine to quadruple its GDP
Guinea has officially launched the Simandou iron ore project, the world’s largest undeveloped high-grade iron ore mine.
After nearly 30 years of delays, the $23 billion venture is set to launch Guinea into the ranks of major iron ore producers and quadruple its gross domestic product by 2040, according to government projections.
The project, located in the mineral-rich Simandou mountains in southeastern Guinea, is a joint venture involving mining giants Rio Tinto, Winning Consortium Simandou (WCS), China Baowu, Chinalco, and the Guinean government. Once fully operational, Simandou is expected to produce up to 120 million tonnes of iron ore annually, nearly 7% of the world’s seaborne iron trade, with an average iron content of 65%, making it one of the highest-grade outputs globally.
“We are unlocking an exceptional new source of high-grade iron ore that is in demand from customers for low-carbon steelmaking. This enhances our world-class portfolio of iron ore mines,” said Simon Trott, CEO of Rio Tinto.
Government officials expect the mine and its supporting infrastructure to trigger over $200 billion in investment across transport, education, energy, and housing sectors.
“Simandou is more than a mining project: it is the driving force behind a national transformation,” said Djiba Diakité, Chair of the Simandou 2040 Strategic Committee, adding, “This reflects the vision of the Head of State and the determination of an entire nation to build a future of shared prosperity.”
President Mamadi Doumbouya, who came to power in a 2021 coup, has made Simandou the centrepiece of his administration’s economic legacy.
This story is written and edited by the Global South World team, you can contact us here.
