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Rio Tinto’s Davies Highlights Importance of Simandou
Feb. 06, 2014 10:10AM PST
Base Metals Investing
Mining Weekly reported that Rio Tinto plc’s (ASX:RIO,LSE:RIO,NYSE:RIO) Alan Davies said at Investing in African Mining Indaba that the Simandou project, which is expected to put out about 100 million tonnes of iron ore annually, is a “very important investment” for the company.
Mining Weekly reported that Rio Tinto plc’s (ASX:RIO,LSE:RIO,NYSE:RIO) Alan Davies said at Investing in African Mining Indaba that the Simandou project, which is expected to put out about 100 million tonnes of iron ore annually, is a “very important investment” for the company.
As quoted in the market news:
Davies said this week that work was under way to develop the mine, with current estimates suggesting that it could double the size of the Guinean economy.
‘While transformations of this scale have on occasion been seen in the oil industry, they have seldom been triggered by a single mining project.
‘Simandou will create thousands of jobs, spend hundreds of millions of dollars locally, and make annual payments to government far exceeding the current fiscal revenue,’ Davies said.