Guinea, partners get $15bn funds for top iron-ore deposit

9th April 2024 By: Bloomberg

Guinea said shareholders involved in Simandou, the biggest untapped iron-ore reserve globally, have signed $15-billion in financing agreements for the project.

The accords provide funds for rail and port infrastructure that Compagnie du Trans-Guinéen — a joint venture that’s 15% owned by Guinea’s government, and 42.5% equally held by a Rio Tinto Plc grouping with Chinese investors and China-backed Winning Consortium Simandou — will build.

The signing occurred on April 2 after approvals came from the country’s transitional parliament and Chinese regulators, Guinea’s presidency said in a statement on X.

“Simandou is no longer a dream but a reality,” Djiba Diakite, head of the strategic committee which led the talks, said in the statement. “There is no doubt that the project will be delivered on schedule by the end of December 2025.”