Rio Tinto inks record-setting iron ore deal in Guinea

VANCOUVER — Roughly a decade after mega-miner Rio Tinto (NYSE: RIO; LON: RIO; ASX: RIO) was awarded the world class Simandou iron ore concessions in Guinea, West Africa, it looks like the stage has finally been set for what will be the largest infrastructure project in African history. On May 26 Rio announced a US$20-billion investment framework that could double Guinea's gross domestic product (GDP) and create an estimated 45,000 jobs.

… "With massive infrastructure investment, this project is of critical importance for the people of Guinea," noted Guinean president Alpha Condé following the agreement. "It's a nationwide priority that goes beyond the mines and far beyond our generations."

Simandou will be the largest combined iron ore and infrastructure project ever developed in Africa, and includes three principle components, namely: a mine that would produce roughly 91 million tonnes of high grade iron ore annually; a 650-km, trans-Guinean multi-user railway to the country's coast; and a newly built, deep water port in the Forécariah prefecture.

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