33 page market update and Guinea only gets a bullet point under aluminium for bauxite. No mention of iron ore sites nor risks to SimFer project. Safe to assume Rio et al is not under the microscope?
"Chinese bauxite spot import prices fell in Q2 on higher Guinean bauxite exports, despite continued risks to supply following the cancellation of several mining permits by the Guinean government in recent months."
Gina Rinehart and The Australian had more to say:
"However, she re-ignited her campaign for Rio to base its chief executive in WA, where it continues to depend on iron ore for most of its earnings. Mr Trott is based in Perth but will move to London in his new role.“When Sam Walsh went from iron ore chief to CEO of Rio, I suggested that he transfer Rio headquarters to where it makes most of its money, WA,” Mrs Rinehart said.“Still think this would be good for WA, and much safer than Guinea.”
Rio’s venture into iron ore in Guinea alongside Chinese partners that include major Rio shareholder Chinalco has been a sore point for Mrs Rinehart’s Hancock Prospecting.Mr Trott has flagged blending Rio’s share of high-grade iron ore from the Simandou operations Guinea with WA product once it lands in China.
The Simfer mine at Simandou is expected to start sending iron ore to China before the end of 2025 and to build up to annual production of 60 million tonnes, with Rio’s share 27 million tonnes, by 2028.Mrs Rinehart repeated warning about falling business investment in Australia last month after Rio pulled the trigger on building a new $US1.6bn ($2.4bn) iron ore mine in partnership with Hancock Prospecting."
RIO Price at posting:
$109.70 Sentiment: Buy Disclosure: Held
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