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Fanfare as Guinea launches enormous Simandou iron ore mine / Photo: PATRICK MEINHARDT - AFP/File
NYSE - LSE
Fanfare as Guinea launches enormous Simandou iron ore mine
Authorities in Guinea on Tuesday officially launched production at Simandou, a gigantic mining project that they hope will propel the poor west African country into the ranks of the world's largest iron exporters.
The long-awaited launch took place at a ceremony attended by the head of Guinea's junta, General Mamady Doumbouya, south of Conakry at the port of Morebaya, through which the ore will be shipped.
Doumbouya, who came to power in a 2021 coup, declared the day a public holiday, a sign of the importance authorities have attached to the mine.
Of the four Simandou mining deposits, two are being developed by Chinese-Singaporean group Winning Consortium Simandou (WCS) and the other two by SimFer, a consortium owned by Rio Tinto and Chinese giant Chinalco.
The project will ideally provide a stream of much-needed revenue for the country and has already resulted in the construction of infrastructure that could help diversify the economy.
Industrial partners have spent approximately $20 billion building more than 650 kilometres (400 miles) of railways and a massive port.
The Simandou project additionally represents several thousand direct jobs.
Doumbouya, who was dressed in a white boubou tunic and did not speak at the ceremony, is now able to boast of having finally pushed the project over the finish line.
The strongman is running for president in the country's December 28 elections, despite initially promising to return the government to civilian rule.
M.Dodaro--INP
