https://www.engineeringnews.co.za

Fortescue's Simandou plans collapse

14th November 2019

     

Font size: - +

PERTH (miningweekly.com) – Iron-ore major Fortescue Metals has failed in its bid to gain mining rights on the Simandou blocks, in the Republic of Guinea


The miner on Thursday said that it had been notified by the Guinean government that it was not the preferred bidder in the recent tender for mining rights on mineral deposits on Simandou blocks.

Instead, the Guinean government will proceed into detailed negotiations with the preferred bidder.

Fortescue told shareholders that the company remained focused on the successful delivery of its $3.87-billion investment in the Eliwana and Iron Bridge projects, in the Pilbara, and would continue to explore global opportunities aligned with its strategy and expertise.

The $1.27-billion Eliwana mine-and-rail project, would include the construction of a 143-km rail line, a new 30-million tone a year dry processing facility and infrastructure, with first ore targeted for December next year.

Meanwhile, the $2.6-billion Iron Bridge magnetite project is expected to have an annual production 22-million tonnes a year producing a 67% iron content, low impurity concentrate suitable for pellet feed or blending with sinter fines.


 

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Trotech
Trotech

Design, Construction and Maintenance of Site Erected, Welded Bulk Storage Tanks for the Petrochemical, LNG, Ammonia and Sustainable fuel Sectors.

VISIT SHOWROOM 
Flanders Electrical SA
Flanders Electrical SA

FLANDERS Southern Africa provides integrated solutions for mining and industrial operations, covering field services, automation, electrification,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.056 0.098s - 140pq - 2rq
Subscribe Now