From the website
http://www.riotintosimandou.com/ENG/index.asp
Simandou is a world-class iron ore exploration and mining project located in Guinea's Guinée Forestière and Haute Guinée regions. The project is in the final stages of feasibility studies. Rio Tinto is partnered with the International Finance Corporation, which holds a 5% stake in the Simandou project.
They submitted feasibility study in dec 2008 after spending $500m.