Rio Tinto Unlikely to Develop Guinea $10B Iron Ore Project: Former Minister

Bloomberg reported that Guinea’s former mines minister Mahmoud Thiam said the Rio Tinto Group will probably not develop its $10 billion iron ore project in Simandou in the near future as Guinea struggles to finance transport links.

As quoted in the news article:

The Simandou project has been “effectively frozen,” Mahmoud Thiam, Guinea mines minister between 2009 and 2010, said in an interview from New York yesterday. “I see it being frozen for the foreseeable future,” he said. The London-based mining company said plans for mining were proceeding.

Click here to read the full Bloomberg report.