By Rhiannon Hoyle

Rio Tinto on Friday said agreements have been reached between companies seeking to develop the giant Simandou iron-ore project and the government of Guinea on the trans-Guinean infrastructure needed to export the steelmaking ingredient.

Rio Tinto said the Simfer joint venture, which is developing blocks 3 and 4 of the Simandou project, has finalized key agreements with the Winning Consortium Simandou, which is developing blocks 1 and 2, and Guinea's government for the joint development of port facilities and roughly 370 miles of new railway.

"With these agreements we have reached an important milestone towards full sanction of the Simandou project," said Bold Baatar, Rio Tinto executive committee lead for Guinea and copper chief executive.

Negotiations are continuing between the partners to finalize investment and shareholder agreements that underpin the joint development, Rio Tinto said.

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

(END) Dow Jones Newswires

August 11, 2023 03:08 ET (07:08 GMT)

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