Rio Tinto Estimates $6.2 Billion Spend on Simandou Project
December 05 2023 - 5:19PM
Dow Jones News
By Rhiannon Hoyle
Rio Tinto said Wednesday it expects to spend roughly $6.2
billion to develop its share of the Simandou iron ore project in
Guinea.
The iron ore buried in Guinea's Simandou mountains is among the
world's largest untapped deposits of the commodity.
Rio Tinto said first production from the operation at Simandou
is estimated in 2025. It will likely take about 30 months to ramp
up to an annualized capacity of 60 million metric tons, of which 27
million tons will be Rio Tinto's share.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
December 05, 2023 17:04 ET (22:04 GMT)
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