China-backed JV to develop giant Simandou north iron ore deposit in Guinea

13.11.2019, 15:58 - eeppo

A China-backed joint venture between Guinea’s Societe
Miniere de Boke (SMB) and Singapore’s Winning scored a big win in the
iron ore world after securing on Wednesday rights to develop the northern area
of Simandou, one of the world’s largest untapped deposits of the steelmaking

The $14 billion bid submitted by SMB-Winning consortium,
whose investors include Chinese aluminium producer Shandong Weiqiao and the
Yantaï Port Group, edged out Australia’s Fortescue Metals Group’s
(ASX:FMG) offer, which remains unknown.

Guinea, which launched an international tender for blocks 1 and 2 of Simandou in mid-July, said the consortium had committed to build a 650km railway and a deep-water port on the country’s coast to ship the ore to key markets including China, the world’s top consumer of the commodity.

More to come…