Tuesday 7th July 2020 Font size:

FMG’s mining plan for Guinea Simandou falls through

Friday, November 15th, 2019

Iron ore giant FMG failed to obtain mining rights in Guinea’s Simandou bloc, FMG said recently that the Guinean government has informed it that it is not the preferred bidder in the recent tender for mining rights in the Simandou bloc.

FMG told its shareholders that the company remains focused on completing its $3.87 billion investment in Pilbara’s Eliwana and Iron Bridge projects and will continue to explore global opportunities consistent with the company’s strategy and expertise.

The $1.27 billion Eliwana mine and rail project will build a 143km railway line and build 30 million tonnes of dry treatment facilities and infrastructure each year, with the first shipment scheduled for December.

At the same time, the $2.6 billion Tieqiao magnetite project is expected to produce 22 million tons a year, a low-impurity concentrate that produces 67 per cent iron and is suitable for pellet feed or mixing with sinter powder.

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