Rio Tinto's Simandou iron ore mine in Guinea commenced ore production in November

According to a report from Mining.com, Gerard Rheinberger, manager of Rio Tinto's Simandou project, announced on Monday that the Simandou iron ore mine in Guinea is expected to produce its first ore in November this year.

Located in the new south of Guinea, the Simandou iron ore mine will become the world's largest high-grade iron ore mine, with its iron ore being a key raw material for low-carbon steelmaking. Once operational, the mine is expected to produce 120 million mt of iron ore annually. Rio Tinto, the world's largest iron ore producer, holds a 25% stake in the project, with the remaining shares owned by Chinese enterprises.

The Simandou iron ore deposit is divided into four blocks:

Simfer, a joint venture between Rio Tinto, Chalco Iron Ore Holdings Limited, and the Guinean government, is developing Blocks 3 and 4 in the south.

The northern blocks are being developed by a consortium.

Rio Tinto also disclosed that it has reached an agreement with Sumitomo Metal Mining Co., Ltd. to transfer a 30% stake in its Winu copper-gold project in Western Australia to the latter.

The $399 million deal includes an upfront payment of $195 million and an additional payment of $235.4 million based on future project progress, including funds required for project expansion.

In December last year, the two companies agreed to establish a joint venture to develop and operate the Winu copper mine. The mine, discovered by Rio Tinto in 2017, has not yet been developed. As of the end of 2024, the Winu copper-gold mine has inferred and indicated ore resources of 741 million mt, containing approximately 3 million mt of copper and 250 mt of gold.

Rio Tinto is currently advancing a feasibility study for mining and processing 10 million mt of ore annually and has already applied for environmental permits.