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Vol 57 No 7

Published 1st April 2016


Guinea

Stop-go Simandou

The President is trying to keep up hope for the massive iron mine even though its value has been written down by $1 billion

Guinea's recently re-elected President Alpha Condé has adopted a conciliatory tone towards mining company Rio Tinto over its sluggish development of the Simandou iron-ore mine, despite the British-Australian mining giant's non-committal comments to its shareholders and its writing down of the mine's value by over US$1 billion. Rio has worked on the Simandou deposit for 20 years but has yet to produce any iron ore from the site. It has repeatedly pushed back first production dates, giving various reasons, including the Ebola outbreak, concession irregularities and difficulties in locating partners to finance a multi-billion dollar rail infrastructure project to take the ore to market.

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