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RNS Number : 0632J Rio Tinto PLC 11 August 2023
Notice to
ASX/LSE
Agreements reached on trans-Guinean infrastructure in milestone for Simandou
iron ore project
11 August 2023
Rio Tinto and the Simfer(( 1 (#_edn1) )) joint venture (Simfer) reached an
important milestone today by concluding key agreements with the Republic of
Guinea and Winning Consortium Simandou(( 2 (#_edn2) )) (WCS) on the
trans-Guinean infrastructure for the world class Simandou iron ore project.
The Co-Development Convention with the Republic of Guinea and associated
agreements adjusting Simfer and WCS's existing mine conventions create the
legal framework for the co-development of more than 600 kilometres of new
multi-use rail together with port facilities, that will be used to export iron
ore from the Simandou mining concessions in the southeast of the country.
Rio Tinto Executive Committee lead for Guinea and Copper Chief Executive Bold
Baatar said "With these agreements we have reached an important milestone
towards full sanction of the Simandou project, bringing together the
complementary strengths and expertise of Rio Tinto and our partners, the
Government of Guinea and Winning Consortium Simandou, for the infrastructure
that will unlock this world class resource. Simandou, the world's largest
known undeveloped supply of high-grade, low-impurity iron ore, will strengthen
Rio Tinto's portfolio by complementing our existing Pilbara and Iron Ore
Company of Canada products."
The infrastructure capacity and associated cost will be shared equally between
Simfer, which is developing blocks 3 and 4 of the Simandou project, and WCS,
which is developing blocks 1 and 2. China Baowu Steel Group has also
previously entered into a term sheet agreement with WCS that may see it
partner in the WCS scope for blocks 1 and 2 of the Simandou mining concession
and the infrastructure joint venture.
The Co-Development Convention requires ratification by the Guinean State. It
is also subject to a number of conditions, including the Guinean State's
approval of the final feasibility study for the project. Negotiations continue
between the partners to finalise the investment agreements and related
shareholders' agreements which underpin the co-development. A further
announcement will be made when appropriate concerning these agreements.
Critical path works continue to be progressed by the partners to ensure
progress is maximised during the 2023-24 dry season.
Contacts
Please direct all enquiries to media.enquiries@riotinto.com
Media Relations, Media Relations, Media Relations,
United Kingdom Australia Americas
Matthew Klar Matt Chambers Simon Letendre
M +44 7796 630 637 M +61 433 525 739 M +1 514 796 4973
David Outhwaite Jesse Riseborough Malika Cherry
M +44 7787 597 493 M +61 436 653 412 M +1 418 592 7293
Alyesha Anderson
M +61 434 868 118
Investor Relations, Investor Relations,
United Kingdom Australia
Menno Sanderse Tom Gallop
M +44 7825 195 178 M +61 439 353 948
David Ovington Amar Jambaa
M +44 7920 010 978 M +61 472 865 948
Laura Brooks
M +44 7826 942 797
Rio Tinto plc Rio Tinto Limited
6 St James's Square Level 43, 120 Collins Street
London SW1Y 4AD Melbourne 3000
United Kingdom Australia
T +44 20 7781 2000 T +61 3 9283 3333
Registered in England Registered in Australia
No. 719885 ABN 96 004 458 404
LEI: 213800YOEO5OQ72G2R82
This announcement is authorised for release to the market by Steve Allen, Rio
Tinto's Group Company Secretary.
Category: Simandou
riotinto.com
(( 1 (#_ednref1) )) The Simfer joint venture comprises Simfer S.A., the
holder of Simandou South Blocks 3 & 4, which is owned by the Government of
Guinea (15%) and Simfer Jersey Limited (85%). In turn, Simfer Jersey Limited
is a joint venture between the Rio Tinto Group (53%) and Chalco Iron Ore
Holdings (47%) - a Chinalco-led joint venture of leading Chinese SOEs
(Chinalco (75%), Baowu (20%), China Rail Construction Corporation (2.5%) and
China Harbour Engineering Company (2.5%).
(( 2 (#_ednref2) )) WCS is a consortium between Winning International Group
(49.99%), Weiqiao Aluminium (part of the China Hongqiao Group) (49.99%) and
United Mining Suppliers (0.0002%).
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