The Anglo-Australian Rio Tinto expects to start production at its mining project – which is the largest in the world – in Guinea this year, after a 27-year hiatus that witnessed many surprises and political tensions.
Bold Batar, CEO of Rio Tinto’s copper business, said in an interview with the Financial Times that it hopes the upcoming project, worth $20 billion, will pave the way for; The road ahead for a “new era of mining”.
Rio Tinto is partnering with the Guinean government and at least seven other companies, including five Chinese companies, in developing the iron mining project, which includes the construction of a railway line and a port.
Rio Tinto intends to start production on the project this year once its government-backed Chinese partners receive final approval from authorities in Beijing.
The ore that the company plans to extract from Guinea contains more than 65% pure iron, which is considered one of the highest levels of purity in the world.