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.
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.
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.
Rio Tinto Group is pursuing an initial public offering of its gem unit, the world’s largest supplier of natural colored diamonds, after failing to find a buyer, according to a person familiar with the matter.
Rio Tinto Group’s foray into Mozambique, which cost the world’s No. 2 mining company $3 billion, has highlighted a lack of rail and port capacity that threatens to check a coal boom in the southeast African nation.