Rio Tinto has been solely funding preparatory work at the blocks it holds at Simandou, one of the world's largest untapped iron-ore deposits, as its Chinese partners are yet to make their funds available, two sources close to the matter said. The Anglo-Australian miner 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, where the mine is located.
Rio Tinto has been solely funding preparatory work at the blocks it holds at Simandou, one of the world's largest untapped iron-ore deposits, as its Chinese partners are yet to make their funds available, two sources close to the matter said.
CIOH is 75% held by Aluminum Corporation of China and 20% by Baowu Steel Group, with China Railway Construction Corporation and China Harbour Engineering Company each holding 2.5%. Most Chinese companies are backed or owned by state entities, their financial approvals complicated by convoluted structures amid an economic slowdown that has seen the world's second-largest economy struggle after a brief post-Covid recovery.
Simandou's other two blocks are owned by the Winning Consortium Simandou , made up of Singapore-based Winning International Group, Weiqiao Aluminium - part of the China Hongqiao Group 1378.HK - and United Mining Suppliers.
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