The AFR is reporting that Rio Tinto is poised to confirm funding for the massive Simandou iron roe expansion:
Rio Tinto is poised to ink within the next fortnight a long-awaited investment agreement for the stalled $US20 billion ($21 billion) Simandou iron ore project in Guinea, which chief executive Sam Walsh said would inject “renewed momentum” into the development.
Rio has been locked in negotiations with Guinea’s new Conde government, Chinalco and the World Bank’s International Finance Corporation on the controversial project.
Mr Walsh said over the weekend he expects to sign an investment framework this month with the three parties for Simandou – the world’s richest undeveloped iron ore deposit – which would be Africa’s largest-ever infrastructure project.
This is 100 million tonnes of iron ore to come on stream in 5-6 years. I’ll believe it when I see it. Final investment decision is not yet made.
