Simandou mine is in the Simandou mountain range of southern Guinea
- one of the largest iron ore reserves in the world
- having estimated reserves of 2.4 billion tonnes of ore grading 65% iron metal
- mining has been mooted for years (more that a decade) but finally looks set to commence
- China will be a buyer
- Rio Tinto and its biggest shareholder, Aluminum Corporation of China Limited the operator of the mine
So, looks like it'll (finally) go ahead into production.
Australia is currently a huge supplier of iron ore to China … which could well change.
Bloomberg with the news China has approved development of the mine.
