(3 minutes read)
The head of Guinea’s ruling junta, Colonel Mamady Doumbouya, has “imposed” a 14-day deadline for the creation of a joint venture to exploit a huge iron ore deposit between the Guinean state, Anglo-Australian Rio Tinto Simfer and Winning Consortium Simandou
The head of Guinea’s ruling junta, Colonel Mamady Doumbouya, has “imposed” a 14-day deadline for the creation of a joint venture to exploit a huge iron ore deposit between the Guinean state, Anglo-Australian Rio Tinto Simfer and Winning Consortium Simandou. The purpose of the joint venture is to exploit the Simandou site (south-east), one of the world’s largest iron ore mines.
A tripartite agreement was signed three months ago for a period of 35 years between the parties recently. The agreement provides for the construction of a railway of about 670 km to link the mining corridor to a mineral port on the Guinean coast. They are due to be completed in December 2024. The first commercial production is expected by 31 March 2025.
Read Also:
https://trendsnafrica.com/guineas-coup-leaders-announce-plans-to-prosecute-ousted-president/
https://trendsnafrica.com/guinea-military-leader-seeks-three-years-transition-period/
The operation has been hampered for years by disputes over mining rights, suspicions of corruption, and the scale of investments required in a landlocked region and a country lacking in infrastructure. The project is expected to generate direct employment for many. Colonel Doumbouya became president in a military coup in September 2021. He has pledged to hand over power to elected civilians within three years.
