Guinea approves SMB-Winning deal for Simandou iron mine project 6-5-20 spells the doom of Australia (15% of total export) in the war with China. https://www.reuters.com/article/us-guinea-simandou/guinea-approves-smb-winning-deal-for-simandou-iron-mine-project-idUSKBN23B2XI
Guinea’s government approved on Thursday a basic agreement for the development of its giant Simandou iron ore project by a consortium representing Chinese, French and Singaporean interests, the mines minister told Reuters.
The consortium – which includes Société Minière de Boké (SMB) and Singapore’s Winning Shipping as well as Guinean government interests – won a $14 billion tender last November to develop blocks 1 and 2 of the largest known deposit of its kind, holding more than 2 billion tonnes of high-grade ore.
On Tuesday, its development agreement “was approved. We will proceed to sign it in the coming days,” Mines Minister Abdoulaye Magassouba said without giving further details.