Rio Tinto Group has assured the West African nation of Guinea its dispute with Vale SA over rights to the world’s biggest untapped iron-ore deposit won’t affect a plan to build a mine estimated to cost $20 billion.
Rio Tinto Group, the world’s second- largest mining company, said its $20 billion Simandou iron-ore project in Guinea may start in 2018 at the earliest, three years behind the initial target, pending completion of funding.
Rio Tinto Group sees its global iron ore production approaching 450 million tons a year in the next five years, the company’s international operations for iron ore Alan Davies said. Davies made the comments in a presentation to a steel conference in Dusseldorf today.
A corruption probe into how a group run by Israel’s richest person secured rights to a Guinea iron ore project is set to spark interest from rival companies looking to swoop on one of the world’s most valuable deposits.
Oman will award a contract “very soon” for construction of the planned Sur Power Plant as it struggles to meet a projected 9 percent annual increase in electricity demand, the head of the utilities authority said.