Arab Today, arab today rio tinto set to finalise 20bn guinea iron ore project
Last Updated : GMT 12:32:41
Arab Today, arab today
Arab Today, arab today

Rio Tinto set to finalise $20bn Guinea iron ore project

Arab Today, arab today

Arab Today, arab today Rio Tinto set to finalise $20bn Guinea iron ore project

Sydney - AFP

Global mining giant Rio Tinto says it is set to finalise a $US20 billion deal to develop the world's biggest untapped iron-ore deposit in Guinea later this month following years of delays. The Simandou iron ore project, which could create Africa's biggest-ever infrastructure venture, will boost Guinea's annual revenue by $US1.2 billion through income tax and royalty payments and pump billions more into the nation's economy, Rio chief executive Sam Walsh said. "Later this month, we expect to sign the investment framework that formalises our partnership with the government of Guinea, Chalco and the IFC," Walsh said in a speech in Washington on Saturday and uploaded on to the company's website Monday. "This has taken some time to bring to fruition and I think this signing will inject the project with renewed momentum," he added in the speech on infrastructure investment in developing countries, a key theme of this year's G20 meetings chaired by Australia. Walsh said the "remarkable project" would see billions of dollars invested in developing infrastructure in one of Africa's poorest nations, which is still recovering from decades of military dictatorships and misrule. The deal will formalise the partnership for Simandou with Guinea's government, China's state-run aluminium group Chalco and the International Finance Corporation, a division of the World Bank. "When fully operational, the annual economic contribution of Simandou to the Guinean economy is estimated to be $US7.6 billion -- that's 22 times the US$340 million in international aid contributions to Guinea in 2012," Walsh added. "It would be fair to say that this represents a new paradigm for Guinea." The estimated $US20 billion project will include a railway to carry iron ore from the Simandou mountain range to a deep-water port 650 kilometres (400 miles) away. The joint-venture includes the development of the port, the establishment of fibre optic and wireless communications, and more than 1,000 kilometres of new and upgraded roads. Rio was awarded control of all four tenements at Simandou -- which it said held 2.25 billion tonnes of iron ore resources -- in 2006, but was ordered by the then military dictatorship to relinquish two northern concessions in 2008. These concessions were given to BSG Resources (BSGR), a firm controlled by Israeli billionaire Beny Steinmetz, which in turn sold half its rights to Brazilian mining giant Vale. The permits were declared void by the Guinea government last month, although the nation's President Alpha Conde said the withdrawal of concessions were part of a wider clampdown on mining rights and not "case-specific" despite claims of corruption against BSGR. BSGR has strongly denied the allegations. In April, Rio Tinto launched a complaint in a US district court against the awarding of the northern Simandou mining concessions to the VBG consortium, which was formed in 2010 by Vale and BSGR, appealing for damages to be awarded to the miner for the loss of the permits.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today rio tinto set to finalise 20bn guinea iron ore project Arab Today, arab today rio tinto set to finalise 20bn guinea iron ore project

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 06:57 2017 Sunday ,26 February

Huawei wins MRM Business Innovation Award

GMT 08:49 2017 Saturday ,25 February

Shell plans $300 mn investment in Argentina shale

GMT 05:40 2017 Saturday ,25 February

British Airways owner reports profit

GMT 15:19 2017 Thursday ,23 February

Companies' commitment to Bahrainisation quotas praised

GMT 14:48 2017 Thursday ,23 February

Etihad Airways Engineering signs deal with Kenya Airways

GMT 12:25 2017 Thursday ,23 February

Bharti Airtel buys Telenor's India operations
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday