A $20 billion iron ore, rail, and port development in the Republic of Guinea is expected to commence this year, following a 27-year wait marked by several legal and political setbacks. Set to be the world’s largest and highest-grade new iron ore mine, the project will add around 5% to global seaborne supply when it commences. Plans to develop the mine began as far back as 1997 when Rio Tinto secured a license to explore the mountain’s Iron ore. Since then, the country has experienced two coups d’état, witnessed four heads of state, and conducted three presidential elections. In 2024, once Rio Tinto’s state-owned Chinese partners receive the last approval from Beijing, the Anglo-Australian miner intends to fire the starting gun on the most complex project in its history. The project is a collaboration involving Rio Tinto, the Guinean government, and at least seven other companies.
SOURCE: BUSINESS INSIDER
