Rio Tinto sees Guinea mine production starting 2025
Rio Tinto
4,946.00p
16:40 08/11/24
-4.90%
-255.00p
Anglo Australian mining giant Rio Tinto said it expected to start production from the Simandou iron ore joint venture in Guinea in 2025.
FTSE 100
8,072.39
17:14 08/11/24
n/a
n/a
FTSE 350
4,459.45
16:59 08/11/24
n/a
n/a
FTSE All-Share
4,417.83
16:44 08/11/24
n/a
n/a
Mining
11,623.03
16:59 08/11/24
1.30%
148.91
Rio owns two of four Simandou mining blocks as part of its Simfer joint venture with China’s Chalco Iron Ore Holdings and the government of Guinea. The company holds a 53% stake, with CIOH holding the balance.
First production from the Simfer mine is expected in 2025, ramping up over 30 months to an annualised capacity of 60 million tonnes per year (with Rio’s share 27 million).
Simfer's initial capital funding requirement for the Simandou project is estimated to be approximately $11.6bn, of which Rio Tinto's share is approximately $6.2bn.
Reporting by Frank Prenesti for Sharecast.com