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| HOME >> Topics List >> September, 2008 >> 12 (Fri) |
| Intent To Develop Simandou Deposit Remains Firm |
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Rio Tinto top officers had discussions September 11 on the development of the Simandou iron ore deposit in Guinea with the country's President General Lansana Conté and other high officials of the Guinean Government. Paul Skinner, Rio Tinto chairman, commented; "There was positive engagement with all parties sharing an understanding of the benefits Simandou will bring to Guinea, the need for those benefits to flow rapidly to the country and recognition of the good progress Rio Tinto has made with its mine development and investment." Sam Walsh, chief executive Iron Ore, Rio Tinto reported that the meetings were a good opportunity to discuss expediting the project to 70 million tonnes per annum, the work currently taking place on the project and regional development. During the meeting, a framework was agreed for further discussions with a special Inter-Ministerial Committee, which has been established to address issues of concern to both parties and to establish an aligned basis to move the project forward. This remains the firm intent of the Government of Guinea and Rio Tinto. <References provided by Rio Tinto on the Simandou Project> -- Rio Tinto has already spent US$300 million on work to develop a long-life mine at Simandou, and expects to have spent over US$400 million by the end of 2008. At present, Rio Tinto is spending US$20 million per month on drilling and support. -- The Simandou project employs more than 1,800 people in Guinea (including full-time employees and contractors). More than 90% of the workforce is Guinean. -- Rio Tinto's exploration and development efforts are focused on the totality of its 738 square kilometer Simandou mining concession area, which represents only 18% of mining holdings in the Simandou range. |
| last modified : Thu 18 Sep, 2008 [11:06] |
