'World’s largest' untapped high-grade iron ore mine project to begin in Guinea 2025
The untapped iron ore reserve in the Simandou mountains in Guinea will be subject to a 6.2-billion-dollar mining project by Rio Tinto, a British-Australian mining corporation in 2025.
The Simandou mountain range in south-eastern Guinea is believed to be the world’s biggest untapped high-grade iron ore deposit. It is also one of the most easily extractable iron ore deposits in the world, according to mining experts.
Despite its discovery in 2002, the massive ore body has remained dormant due to prolonged legal battles involving charges of corruption and bribery for securing mining rights, the military dictatorship in the West African country until 2010, as well as the huge infrastructure cost to develop the project, NS Energy reports.
Rio Tinto has announced intentions to allocate approximately $6.2 billion for the project, which includes investments in port and rail infrastructure to facilitate the production and transportation of products, Mining.com reports.
Rio Tinto Executive Committee lead for Guinea, Bold Baatar said, “We are continuing to work closely with the Government of Guinea, Chinalco, Baowu and WCS towards full sanction of this world-class project by all partners."
The initial production from the two blocks jointly owned by Rio Tinto is projected to gradually increase over 30 months, reaching an annualized capacity of 60 million tonnes annually. Rio Tinto has indicated that its share of the production will amount to 27 million tonnes.
“Simandou will deliver a significant new source of high-grade iron ore that will strengthen Rio Tinto’s portfolio for the decarbonisation of the steel industry, along with trans-Guinean rail and port infrastructure that can make a significant contribution to the country’s economic development,” Baatar added.
Rio Tinto now reports the conversion of approximately 1.5 billion tonnes to Ore Reserves, supporting a 26-year mine life with an average iron grade of 65.3% and low impurities. Additionally, Rio Tinto discloses Mineral Resources, exclusive of Ore Reserves, amounting to 1.4 billion tonnes at 66.1% Fe and low impurities.
