Rio Tinto to ship Simandou ore in November

Rio Tinto (ASX: RIO) expects to ship its first iron ore from the Simandou project in Guinea this November, Gerard Rheinberger, the company’s managing director for Simandou.Located in the country’s southeast, Simandou is poised to become the world’s largest mine for high-grade iron ore, a critical input in low-carbon steelmaking. Once operational, the site is expected to produce 120 million tonnes of iron ore annually.The project is predominantly backed by Chinese firms, which control 75% of its output. Rio Tinto, the world’s largest iron ore producer, holds the remaining 25%. The deposit is split into four blocks: Rio Tinto Simfer — a joint venture between Rio Tinto, Chalco Iron Ore Holdings (CIOH), and the Government of Guinea — is developing blocks 3 and 4 in the south. The northern blocks are managed by a consortium including Singapore-based Winning International Group, China Hongqiao Group’s Weiqiao Aluminium, and United Mining Suppliers.Rio Tinto also announced on Monday it had reached a definite agreement to sell a 30% stake in its Winu copper-gold project in Western Australia to Japan’s Sumitomo Metal Mining (SMM). The $399 million deal includes an upfront payment of $195 million, with up to $235.4 million in additional payments tied to future project milestones, including potential mill expansion.Aerial view of the Simandou project area. (Image courtesy of Rio Tinto). The move follows a December agreement between the two companies to form a joint venture to develop and operate Winu. Discovered by Rio Tinto in 2017, the project remains undeveloped. As of the end of 2024, the site holds an estimated 741 million metric tonnes in indicated and inferred resources, including roughly 3 million tonnes of copper and 250 tonnes of gold, SMM said in the statement.Rio Tinto is currently advancing a pre-feasibility study for a mill capable of processing 10 million tonnes per year and has begun environmental permitting.(With files from Reuters)________________________________________________________RELATED: Guinea sees maximum Simandou output in second year of operationWeiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com