(Updates throughout with details on project capex and production)
Dec 6 (Reuters) - Rio Tinto (RIO) RIO.L said on Wednesday it estimates its share of capital expenditure to develop the Simandou iron ore project in Guinea and associated rail and port infrastructure would be about $6.2 billion.
Rio Tinto owns two of four Simandou mining blocks as part of its Simfer joint venture with China's Chalco Iron Ore Holdings (CIOH) and the government of Guinea.
The total initial funding requirement to develop the Simandou iron ore project is estimated to be about $11.6 billion, Rio Tinto said.
"Simandou will deliver a significant new source of high-grade iron ore that will strengthen Rio Tinto's portfolio for the decarbonisation of the steel industry," the world's largest iron ore producer said in a statement.
First production from the two blocks co-owned by Rio Tinto is expected in 2025, ramping up over 30 months to an annualised capacity of 60 million tonnes per year. The company said its share of the production will be 27 million tonnes. (([email protected]; Twitter: https://twitter.com/sameer_manekar))
News: RIO UPDATE 1-Rio Tinto expects to spend about $6.2 bln on Simandou iron ore project
Add to My Watchlist
What is My Watchlist?
 (20min delay)
|
|||||
|
Last
$113.62 |
Change
1.260(1.12%) |
Mkt cap ! $42.17B | |||
| Open | High | Low | Value | Volume |
| $112.70 | $113.70 | $112.21 | $140.8M | 1.240M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 20 | $113.60 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $113.69 | 700 | 1 |
View Market Depth
| Last trade - 16.10pm 08/08/2025 (20 minute delay) ? |
| RIO (ASX) Chart |