China Hongqiao-backed consortium wins rights for Guinea’s Simandou iron ore project
Guinea’s largest bauxite developer, SMB-Winning Consortium, has won a tender to develop two blocks of the Simandou project, the site of what is considered one of the world’s largest untapped deposits of high-grade iron ore.
Shareholders of SMB-Winning Consortium include China Hongqiao Group Limited, a leading manufacturer of aluminum products in China, and Yantai Port Group, a port operator in the country. The consortium also includes UMS Guinea, an integrated logistics company in the West African country.
“Through mining, railway construction, port construction, and community development, we will once again build a mining project with a capacity of 60-80 million tonnes,” the consortium’s “chief commander” Sun Xiushun said in a statement released this week.