Rio Tinto shelves iron ore project in Guinea
Автор: CGTN Africa
Загружено: 2016-07-05
Просмотров: 5717
Global mining giant Rio Tinto has reportedly shelved a 20 billion dollar iron ore project in Guinea, following a sustained slump in the price of the metal. The miner had been seeking financing for the Simandou project, even after a one-point-one billion-dollar write-down in February. Last month Rio Tinto submitted a feasibility study to the Guinean government. But global oversupply of iron ore that has depressed prices has made the project not viable. Simandou would have comprised an iron ore mine in central Guinea, a railway and a deep-water port on the West African country's Atlantic Coast. At full production, the project would have generated about 7-point-5 billion dollars in revenue.
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![Guinea : is Simandou project poised for growth? [Business Africa]](https://imager.clipsaver.ru/KbZg9bVDq1k/max.jpg)