By Rhiannon Hoyle

 

Rio Tinto said Wednesday it expects to spend roughly $6.2 billion to develop its share of the Simandou iron ore project in Guinea.

The iron ore buried in Guinea's Simandou mountains is among the world's largest untapped deposits of the commodity.

Rio Tinto said first production from the operation at Simandou is estimated in 2025. It will likely take about 30 months to ramp up to an annualized capacity of 60 million metric tons, of which 27 million tons will be Rio Tinto's share.

 

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

 

(END) Dow Jones Newswires

December 05, 2023 17:04 ET (22:04 GMT)

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