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Rio Tinto PLC on Tuesday said all conditions for its investment to develop the Simandou high-grade iron ore deposit in Guinea have been satisfied. The Anglo-Australian mining and metals company expects that the new multi-use trans-Guinean railway alongside port facilities will allow the export of up to 120 million tonnes of mined iron ore per year. ‘Simandou will deliver a significant new source of high-grade iron ore that will strengthen Rio Tinto’s portfolio for the decarbonisation of the steel industry, along with trans-Guinean rail and port infrastructure that can make a significant contribution to the country’s economic development,’ said Bold Baatar, Rio Tinto executive committee lead for Guinea and Copper chief executive. Separately, Rio Tinto said iron ore production in the first half of 2024 at the Pilbara mine in Australia declined 2.0% to 157.4 million tonnes from 160.5 million tonnes a year ago. Iron ore shipments from Pilbara declined 2.1% to 158.3 million tonnes from 161.7 million tonnes on-year. Rio Tinto left its production guidance for 2024 mostly unchanged. However, it now anticipates alumina production between 7.0 and 7.3 million tonnes, down from a previous guidance of 7.6 to 7.9 million tonnes. Guidance for alumina has been lowered due to Gladstone operations working at reduced rates after a breakage of a third party gas pipeline in March. Rio Tinto expects gas supplies from the pipeline to return to normal levels by the end of the year. Rio Tinto shares were down 2.6% to 5,058.00 pence each on Tuesday morning in London. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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