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How the world’s biggest mining project is a win for China

The $23bn Simandou mine in Guinea has taken almost three decades to begin operating but could tilt the balance of power in the global iron ore market

With a price tag of at least $23bn, it is the biggest mining project in history.

Some call the Chinese-led venture the “Pilbara killer” for its potential to upend the domination of the iron ore industry by Australia. Others say that the mine’s high-grade deposits — “the caviar of iron ore” — could help catalyse a green revolution in steelmaking by sharply reducing the energy required to make it.

To the 15mn people of Guinea who are hoping that the massive mine can change the fortunes of an entire west African nation, the project — which will be inaugurated at a grand ceremony on Tuesday — is known by one word: Simandou.

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