The China-backed consortium that has secured rights to develop half of the huge Simandou iron ore deposit in Guinea expects to produce its first tonnes of the steelmaking ingredient in five years’ time.
Fadi Wazni, the chairman of SMB-Winning, the consortium, said it was already “advancing” discussions with partners interested in backing its ambitious plan to build a 110m-tonne-a-year iron ore mine in the west African country at an estimated cost of $15bn. These include China Railway Construction Corporation (CRCC), China’s state-owned railway constructor, and large steel mills.
“I am convinced we can do this,” Mr Wazni said in an interview. “This is a big opportunity for Guinea.”
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