Underlining a commitment to become a leader in global iron ore production, Guinea-Conakry’s $20 billion Simandou 2040 national development roadmap aims to harness the country’s immense mineral wealth while promoting socioeconomic growth across various sectors. Meanwhile, the country aims to drive hydrocarbon development on the back of a robust petroleum system and a detailed seismic data inventory.
A technical session at this year’s African Energy Week (AEW): Invest in African Energies 2024 conference featured a presentation by the country’s Ministry of Energy, Hydraulics and Hydrocarbons that outlined Guinea-Conakry’s strategy to boost its competitiveness on the global mining stage.
“Guinea-Conakry is known as the country with the richest iron ore reserves in the world,” stated Deputy National Director of Hydrocarbons at the Ministry of Energy, Hydraulics and Hydrocarbons, Abdourahim Barry, adding, “The main sector that drives our economy is the mining sector, especially our booming bauxite production. But, in the coming years, we look to be more competitive in the iron ore industry.”
Focusing on four key areas of development, the Simandou 2040 project will involve the extraction of approximately 2 billion tons of iron ore from the Simandou mine, with first exports slated for 2026. The project also involves the development of the 650-km Trans-Guinean Railway, which aims to connect the Simandou mine to Guinea-Conakry’s Atlantic coast. A deepwater port is also under development to streamline the export process and strengthen the country’s global trade presence.
“The project will bring $3.5 billion in revenue per year starting in 2031,” Barry added.
The technical session also presented a strategic forecast of Guinea-Conakry’s hydrocarbon industry. The country’s national petroleum agency, Société Nationale du Pétrole (SONAP), announced that, in addition to the development of a hydrocarbon master plan, the government has plans to spearhead on- and offshore data reprocessing, onshore stratigraphic drilling and local integration with regional data.
“Guinea-Conakry has a massive onshore potential,” stated SONAP Upstream Director Mohamed Mansae, adding, “We have more than 15,000km2 of 3D data and 45,000km2 of 2D data, and in 2023, we found the presence of crude oil-type hydrocarbons based on 20 rock, soil and fluid samples.”
Situated in close proximity to notable hydrocarbon discoveries in Ivory Coast, Senegal and Mauritania, all of Guinea-Conakry’s 27 offshore blocks and seven onshore blocks are currently open for exploration and prospecting.
Distributed by APO Group on behalf of African Energy Chamber.